https://sputniknews.in/20230127/egypt-considers-allocating-land-to-indian-firms-in-suez-canal-zone-655958.html
Egypt Considers Allocating Land to Indian Firms In Suez Canal Zone
Egypt Considers Allocating Land to Indian Firms In Suez Canal Zone
Sputnik India
Egyptian President Abdel Fattah El-Sisi is currently in India for his three days visit, 24-27 January. He was also a special guest of India’s 74th Republic Day parade this year.
2023-01-27T12:24+0530
2023-01-27T12:24+0530
2023-01-27T14:20+0530
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Egypt is considering designating a special area for Indian industries in the Suez Canal Economic Zone (SCEZ).Connecting the east to the west, the 120-mile waterway is the world’s most important water route; it directly links the waters of Europe with the Arabian Sea, the Indian Ocean and the the Asia-Pacific nations.Egyptian President Abdel Fattah El-Sisi, who is reportedly meeting with the business community in New Delhi, said that the Indian side could take advantage of Egypt’s strategic location.More than 50 Indian companies have investments worth more than $3.15 billion in Egypt. India’s trade with Egypt has grown from $4.5 billion in 2018-19 to $7.26 billion in 2021-22.Egypt is battling inflation as its national currency lost nearly half its value in less than a year, reaching a historic low vs. the dollar of nearly 30 Egyptian pounds.The country has also approached the IMF for the fourth time in six years for a bailout, receiving $3 billion over four years. Indian and Egyptian businesses will explore the possibility of maximizing cooperation in pharmaceutical, communications, information technology and defense. Other areas on the radar are infrastructure, petroleum and natural gas, renewable electricity, energy, and agricultural products.
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egypt, indian industries, suez canal economic zone, egyptian president abdel fattah el-sisi, india republic day
Egypt Considers Allocating Land to Indian Firms In Suez Canal Zone
12:24 27.01.2023 (Updated: 14:20 27.01.2023) Deexa Khanduri
Sputnik correspondent
Egyptian President Abdel Fattah El-Sisi, currently in India on a three-day visit which will last until January 27, was Chief Guest at the 74th Indian Republic Day parade this year.
Egypt is considering designating a special area for Indian industries in the Suez Canal Economic Zone (SCEZ).
Connecting the east to the west, the 120-mile waterway is the world’s most important water route; it directly links the waters of Europe with the Arabian Sea, the Indian Ocean and the the Asia-Pacific nations.
“The Egyptian side considers the possibility of allocating a special area of land for Indian industries in the Suez Canal Economic Zone (SCEZ), and the Indian side can arrange for the master plan,” reads a press release issued by the Indian Foreign Ministry on Thursday.
Egyptian President Abdel Fattah El-Sisi, who is reportedly meeting with the business community in New Delhi, said that the Indian side could take advantage of Egypt’s strategic location.
More than 50 Indian companies have investments worth more than $3.15 billion in Egypt. India’s trade with Egypt has grown from $4.5 billion in 2018-19 to $7.26 billion in 2021-22.
Egypt is battling inflation as its national currency lost nearly half its value in less than a year, reaching a historic low vs. the dollar of nearly 30 Egyptian pounds.
The country has also approached the IMF for the fourth time in six years for a bailout, receiving $3 billion over four years.
The Indian and Egyptian sides also expressed confidence that a “bilateral trade target of $12 billion could be achieved within the next five years by both countries by diversifying the trade basket and focusing on value addition,” the release said.
Indian and Egyptian businesses will explore the possibility of maximizing cooperation in pharmaceutical, communications, information technology and defense. Other areas on the radar are infrastructure, petroleum and natural gas, renewable electricity, energy, and agricultural products.
