New Indian investments in fertilizer production plants in Egypt

India's ambassador to Egypt S.J. Singh said that executive steps were being taken to establish a factory to produce phosphoric acid in Edfu, Upper Egypt, with Indian investments amounting to 350 million dollars.

The factory is due to begin production within two years and products will be exported to India and some Middle Eastern countries, he said.

At a later stage more investments will be pumped to expand the factory so as to produce Ammonia and Uria.

He said that Indian investment could then reach 800 million dollars pointing out that India's investments in Egypt cover the sectors of hotels, drugs, chemicals, cosmetics, paintings, IT and oil prospection.

The ambassador estimated the value of trade exchange between Egypt and India at 813 million dollars.

The value of Indian export to Egypt stood at 432 million dollars against imports worth 381 million dollars, he said.

The two countries are now considering the signing of agreements on dual taxation prevention and preferential trade.

India, said the ambassador, was keen on making use of Egypt's highly successful experience in the field of tourism.

He said that only 40 thousand out of a total of 5 million Indian tourists visit Egypt annually.

He expected the Egyptian-Indian joint commission's next meeting would be held in India before the end of the year.