Indian Muslim Commerce Chamber to open branch in Cairo

CAIRO – 11July 2017: The Indian Muslim Chamber of Commerce and Industry (IMCCI) is willing to open a branch in Egypt. Its 63 member states want to strengthen their commercial, investment and economic relations between the chamber and Egypt.

The head of the National Branch of the chamber in Egypt, Mohamed Mahmoud, said in a Monday press release that he is finalizing the legal procedures to establish the Cairo branch and will contact the ministries of investment and industry and trade for cooperation.

Mahmoud added that the Gross National Income of IMCCI member states totaled $17.1 trillion in 2015, constituting 15 percent of global GDP and 26.1 percent of developing countries’ GDP.

The chamber is working on boosting the size of trade exchange and joint investment of its members to 60 percent of all their foreign transactions and investments, which would further strengthen their coalition.

The branch head added that the chamber’s presence in Egypt would improve its foreign trade and open new markets for its products. The chamber can also be Egypt’s tool to attract investments from member states, the statement added.

Mahmoud will be the counselor of the chamber’s chairman and executive committee in India to augment the coalition’s activities in Egypt, as well as cooperation in investments.