Egypt, India propose garment plant

The chairman of Egypt's General Authority for Investment, Ibrahim Fawzi, and a delegation from the Indo-African Chamber of Commerce discussed the establishment of a $100 million plant for ready-made garments in Cairo, the Indian Ambassador to Egypt, Shiv Shankar Mukherjee, who attended the meeting yesterday, said.

He added that the value of investment in 35 Indian projects in Egypt is estimated at 1.2 billion Egyptian pounds.

The delegation met with officials from the Ministry of Public Enterprises and were briefed by the Chairman of the Federation of Egyptian Chamber of Commerce, Mahmoud al-Arabi on investment opportunities in Egypt.

"Marked success of currently adopted-economic reforms has created an appropriate climate to attract local and foreign investments. It also opened the door for the private sector to play an essential role in development process," Fawzi said.