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Egypt keen to boost ties with India in MSMEs, textiles
Nov '17
Egypt keen to boost ties with India in MSMEs, textiles
Egypt is eager to boost cooperation with India, particularly in the field of micro, small and medium enterprises (MSMEs), minister of trade and industry Tarek Kabil said in a recent statement. The sectors for cooperation include textiles and leather, he said while meeting Indian ambassador to Egypt Sanjay Bhattacharyya and a delegation of 50 Indian firms.

The delegation of Indian companies in machine manufacturing and technologies visited Cairo to participate in the ‘Mactech Expo’ from November 16 to 19, according to a report in an Egyptian daily.

The ministry is working on building three big textile industry clusters, which will include more than 1,000 units, Kabil said, inviting the Indian businesses to invest in one such project, an industrial zone for leather manufacturing, the biggest of its kind in the Middle East and Africa.

The Indian companies were also invited to invest in Egypt and benefit from the various free trade agreements Egypt has signed with other African, Arab and European markets as well as Turkey and the Mercosur bloc.

Trade between the two countries rose by 11.8 per cent to $1.421 billion between January and May 2017, compared to $1.270 billion in the corresponding period last year. Egypt’s exports to India in the same period were worth $358 million, compared to $338 million last year.

India is contributing in projects in Egypt with a capital of $3 billion in the fields of textiles, energy and chemical industries, Kabil added. (DS)

Fibre2Fashion News Desk – India

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