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Egypt to allocate land to Indian industries in Suez Canal


Egypt to allocate land to Indian industries in Suez Canal

New Delhi, Jan 27 (Prensa Latina) Egypt plans to allocate land to Indian industries in the Suez Canal special economic zone, according to the joint statement issued by the two countries after President Abdel Fattah El-Sisi's visit to New Delhi.

The proposal comes in the context of India’s offer to encourage its companies to carry out investment abroad by using the investment opportunities available in Egypt.

According to the statement, Cairo welcomes the inflow of more Indian investments and promises to offer incentives and facilities according to applicable regulations and frameworks.

Both Indian Prime Minister Narendra Modi and Egyptian President Abdel Fattah El-Sisi welcomed the expansion of Indian investment in Egypt, which currently exceeds $3.15 billion.

Both leaders agreed to encourage companies from their respective countries to explore new economic investment opportunities.

Modi and El-Sisi appreciated the bilateral economic commitment and welcomed the current level of trade between the two nations at a record $7.26 billion in 2021-22, despite the challenges posed by Covid-19 pandemic.

The dignitaries also expressed their confidence that both countries may achieve a bilateral trade objectives of 12 billion dollars over the next five years, diversifying the trade basket and focusing on added values.


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