{"id":325888,"date":"2022-07-27T14:32:55","date_gmt":"2022-07-27T14:32:55","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=325888"},"modified":"2022-07-27T14:32:55","modified_gmt":"2022-07-27T14:32:55","slug":"indian-companies-aim-to-inject-nearly-700m-investment-in-egypt-ambassador-gupte","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/07\/27\/indian-companies-aim-to-inject-nearly-700m-investment-in-egypt-ambassador-gupte\/","title":{"rendered":"Indian companies aim to inject nearly $700m investment in Egypt : Ambassador Gupte"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">Egypt is one of the most important investment destinations for India in the region, with a total $3.15bn investment. Indian companies aim to inject more $700m investment in Egypt over the next few years, according to Indian Ambassador to Egypt Ajit Gupte.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Gupte said that Egypt, under the leadership of President Abdel Fattah Al-Sisi, became an attractive market for Indian companies. His remarks came during the 5<\/span><span class=\"s3\"><sup>th<\/sup><\/span><span class=\"s1\">\u00a0Egypt-India Business Council meeting on Tuesday, the first of its kind since 2016.\u00a0\u00a0<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">The ambassador said that he encourages the Indian companies to invest in Egypt and make use of the several FTAs Egypt has with regional trading blocs and companies.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">He mentioned that sectors like pharmaceuticals, chemicals, medical devices, renewable energy projects, fisheries, fertilizers, construction equipment etc. are prospective areas where Indian companies could look at and expand their global footprint.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">\u201cI also urge Egyptian companies to look at investing in India especially in the field of IT, fintech, engineering equipment, food processing, auto parts, etc. I would take this opportunity to encourage our Business Council to tap the large Indian market and also make use of the Government of India\u2019s Production Linked Incentive Scheme and others,\u201d he added.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">The ambassador said that at the worst of the Pandemic year which was in 2020\/21, India-Egypt\u2019s overall bilateral trade reduced less than 10% compared to the pre-pandemic year in 2019\/20.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cIt is now heartening to see that business activities have resumed in a significant manner in Egypt and with the recent changes in relaxing of all Covid-19 restrictions, I am confident that we can soon see an expansion in the long pent up economic and business collaboration between our two countries, not to mention bilateral tourism, as well as between people of our two great nations,\u201d Gupte said.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cEgypt-India trade exchange reached a record high of $7.26bn, up 75% compared to FY2020\/21,\u201d according to the Indian ambassador.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He added that Egypt\u2019s exports to India increased by 86% and Indian exports to Egypt increased by 65% year-on-year.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cDuring April and May, there was a 14% increase in trade exchange with respect to the record figures we achieved in FY 2021\/22. We need to capitalize on these numbers going forward because I believe the potential is much higher than this,\u201d he stressed.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cIndia and Egypt share many commonalities. We both have a large and young population with a significant share of our workforce depending on agriculture and allied sectors. Our countries face similar challenges like issues of food security as a result of climate change, demand for cleaner and greener power, pressure on agricultural land, improving rural infrastructure, water scarcity, etc. to name a few. Therefore, it is natural that we collaborate in these areas like renewable energy, infrastructure, healthcare, IT, agriculture and allied technologies, digitization of government services, etc. where both our countries are focusing on in a big way,\u201d he concluded.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt is one of the most important investment destinations for India in the region, with a total $3.15bn investment. Indian companies aim to inject more $700m investment in Egypt over the next few years, according to Indian Ambassador to Egypt Ajit Gupte.<\/p>\n","protected":false},"author":2,"featured_media":320524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,33],"tags":[],"class_list":["post-325888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-invest","category-main"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Indian companies aim to inject nearly $700m investment in Egypt : Ambassador Gupte - egy-africa<\/title>\n<meta name=\"description\" content=\"Egypt is one of the most important investment destinations for India in the region, with a total $3.15bn investment. 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