In a bold move to deepen economic relations, the Egyptian-Indian Business Council has launched a sweeping investment initiative for 2027, targeting a dramatic increase in Indian investment in Egypt to USD 5 billion (EGP 243.1 billion). This plan marks a pivotal step in reinforcing the economic partnership between the two countries. Egypt aims to increase Indian investments by at least 30 percent this year, driven by strong Indian interest in the Egyptian market, Yahya Al-Wathiq Billah, head of the Egyptian Commercial Service Authority stated. “The drive for positive change is integral to the nation’s strategy for overcoming the economic challenges it has encountered in recent years,” Egypt’s Minister of Investment and Foreign Trade, Hassan El-Khatib, stated. He added that there is a clear vision to attract more investments by facilitating the investment process and adopting strong financial policies. There has been a notable recent expansion and diversification of economic ties between India and Egypt. India’s External Affairs Minister, S. Jaishankar, highlighted that over 50 Indian firms have made substantial investments across several Egyptian industries, with pharmaceuticals, electronics, and green energy standing out as primary areas of interest. Jaishankar also conveyed…
Egypt and India Strengthen Economic Ties with New Investment Initiative
August 6, 2024
By Nadine Tag
Journalist
