Indian investors specify sectors of interest in meeting with Egypt's GAFI chairman

CAIRO – 2 September 2024: Chairman of the General Authority for Investment and Free Zone (GAFI) Hossam Heiba met Sunday with Managing Director and CEO of Invest India Nivruti Rai and representatives of major Indian companies during his promotional tour in the country.

Heiba highlighted the efforts deployed by the Egyptian government to create an ecosystem attractive to investments. The start had to be with infrastructure as road networks were developed on a total distance of 20,000 kilometers, and 27 seaports were modernized and upgraded.

That is in addition to enlarging the share of renewables in the energy mix. The most prominent project in that sector is Benban Solar Park.

The GAFI chairman invited Indian investors to enter sectors where bigger incentives are offered such as automotive, home appliance, textiles, food industries, pharmaceuticals, education, and ICT.

On her side, the Invest India CEO stated that many Indian firms had been interested in partnering up with Egyptian counterparts, as well as operating in the sectors of infrastructure, industrial development, renewable energy, and logistics in partnership with the public sector.

Heiba and Rai agreed that GAFI would inform the Indian side with investment opportunities, regulations and rules of the public-private partnership. They will also join forces to organize promotional tours for investors from each country to the other, and to launch a website on collaboration between the two sides.

The representatives of the Indian companies attending the meeting expressed interest in the sectors of fertilizers, green hydrogen, and food industries to fulfill the increasing demand in both Egypt and neighboring states, given the country's location in Africa and proximity to southern Europe.