CAIRO – 2 October 2024: Eight Indian companies plan to invest approximately $1 billion in Egypt by 2025, targeting sectors such as renewable energy, green hydrogen, bus assembly, and various other industries, according to a government official speaking to Asharq Bloomberg.
These investments are a result of discussions facilitated by the Egyptian Commercial Representation Authority during a mid-September visit to India. The companies are expected to visit Egypt soon to explore further investment opportunities.
With these new ventures, Indian investments in Egypt are projected to reach around $5 billion by next year, an increase from the current $3.5 billion.
In 2023, President Abdel Fattah El-Sisi and Indian Prime Minister Narendra Modi signed a joint declaration to enhance bilateral relations into a strategic partnership. The agreement includes strengthening economic and cultural ties in key sectors, particularly IT, pharmaceuticals, vaccines, higher education, renewable energy, including green hydrogen, and tourism.
Additionally, Egypt aims to boost trade exchange with India by 15% by 2025, targeting $8.5 billion compared to $7.4 billion by the end of this year, and around $6.5 billion in 2022.
Key Egyptian imports from India include meat, iron, steel, machinery, and organic products, while main exports to India are fertilizers, cotton, salt, sulfur, and stones
Comments
Leave a Comment