Egypt is looking to increase its investment with India as part of its broader strategy to drive economic growth and development. During a recent meeting, the government emphasized its commitment to driving a supportive environment for export-oriented investments, with a goal of increasing Indian investments in Egypt to $5 billion by 2027.
Vision to attract investments
Minister of Investment and Foreign Trade, Hassan El Khatib, underscored the government’s efforts to address the challenges faced by the Egyptian economy in recent years. He outlined a clear vision to attract more investments by simplifying the investment process and leveraging strong financial policies and the state’s existing assets.
Coordinating ministries to remove investment obstacles
El Khatib also mentioned ongoing coordination among relevant ministries to prepare comprehensive files on land, energy, and the necessary procedures for establishing projects. These files will be reviewed and presented to the Supreme Council for Investment and other state authorities to remove any obstacles to investment and trade.
Expanding Egypt-India trade and investments
The council members discussed the increased trade between Egypt and India, facilitated by official delegation exchanges. They highlighted the expansion of several Indian companies in Egypt, particularly in critical sectors such as the chemical industry and plastic waste recycling.
Plans for increased Indian investments in Egypt
Furthermore, plans are underway for more Indian companies to enter the Egyptian market in key areas such as renewable energy, green hydrogen, engineering industries, and information and communication technology. The council supports an investment initiative aiming to increase Indian investments in Egypt to $5 billion by 2027. They recommended collaborating with the ministry to potentially hold an annual investment conference for Egypt and India.
Read more: Egypt seeks to boost telecom R&D, manufacturing with new India deal
Egypt’s industrial sectors, workforce challenges
The council members also highlighted various important industrial sectors in Egypt, including chemicals, fertilizers, pharmaceuticals, leather, glass, automotive, and agro-based industries. They discussed the main challenges facing these sectors and stressed the importance of increasing the number of vocational institutes to train the necessary Egyptian workforce, especially for the engineering and electronics industries.
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