13 Indian companies visit Egypt to discuss investment opportunities in various sectors
Shrouq
A delegation of 13 Indian companies will visit Egypt tomorrow, Wednesday, to discuss investment opportunities, expand their production lines, and grant their agencies to Egyptian companies.
The companies work in the sectors of new and renewable energy, chemicals (polychloride, caustic soda, and calcium chloride), logistics, vocational training and education, and equipment and tractors, agricultural, engineering and construction, communications and information technology, and electronic platforms for retail trade, bakery and confectionery, smart and sustainable industrial cities, and packaging.
Indian investments in Egypt
The Indian delegation and Ravin Praveen Singh, Commercial and Economic Advisor at the Indian Embassy in Cairo, are scheduled to meet with a group of Egyptian businessmen at the association’s headquarters in Giza Square.
Indian investments in Egypt
The value of Indian investments in Egypt amounted to $33.1 million during the first half of the fiscal year 2022/2023, compared to $24.2 million during the same period of the fiscal year 2021/2022, an increase of 36.8%.
Trade exchange between Egypt and India
While the value of trade exchange between Egypt and India increased to record $6 billion in 2022, compared to $5.3 billion in 2021, an increase of 13.7%. The value of Egyptian exports to India recorded $1.9 billion in 2022, compared to $2 billion in 2021, a decrease of 6.5%.
While the value of Egyptian imports from India reached $4.1 billion in 2022, compared to $3.2 billion in 2021, an increase of 26.4%, according to data from the Central Agency for Public Mobilization and Statistics.
Areas of cooperation between Egypt and India
Areas of cooperation between Egypt and India cover many aspects, including political, security, defence, economics, and energy.
In addition to calling on the Indian business community to explore new and emerging business opportunities in Egypt, especially in the sectors: infrastructure, energy, agriculture, skills development, and information technology.
Green ammonia
India imported 37.4 tons of green ammonia from Damietta Port in Egypt for the first time, the Ministry of Investment, Shipping and Waterways said in a statement on September 28, 2023.
The statement added that the Cheddapernar Port (VOP) is clear in handling 3 x 20 ISO ammonia containers weighing 37.4 tons and Tuticorin Alkali Chemical and Fertilizers Ltd (TFL).
As part of the green initiative, TFL imported green ammonia to produce green carbon ash on a grassroots basis. TFL plans to import 2,000 metric tons of green ammonia this year, subject to availability.
Great cooperation
Cairo and New Delhi had shown great cooperation in recent global crises, as Egypt helped India during the period of the Covid-19 pandemic, purchasing 50,000 doses of the “Remdesivir” vaccine for India to confront the second wave that intensified horribly there, and sent three planes loaded with medical supplies, which led to saving many lives.
On the other hand, India helps meet the Egyptian need for grains and food commodities instead of Russia and Ukraine because Egyptian imports that depend mainly on Moscow and Kiev were affected by the war.
