Indian investments total $3 bln in Egypt, 50 companies operating

CAIRO – 30 March 2017: Indian investments in Egypt amount to $3 billion and there are 50 Indian firms operating in the country, Indian Ambassador to Cairo Sanjay Pacharya said at an investment conference Thursday.

Pacharya added that relations between the two countries “are going to a new era that never happened before,” thanks to the meeting between top leaders of Cairo and New Delhi. Egyptian President Abdel Fatah al-Sisi has met with the Indian prime minister three times.

“[India has] 50 companies and total investments worth $3 billion in Egypt. We need more economic cooperation as well as to open new industries like pharmaceutical and education,” Pacharya said.

The ambassador further noted that “Egypt and India can do a lot together to confront the challenges we are facing now.”

“In the 90s, India started implementing new economic programs like those Egypt is implementing currently,” said the ambassador. “Also, if we look to new India, we will find that our economy has expanded three times, about $2.3 trillion which is equivalent to the U.K.’s economy, but we still have poverty.”

“The Indian economy is projected to grow by 7.1percent in 2017, and it might be the fastest growing economy in the world,” Pacharya added.