Egypt invites Indian firms to Suez Canal Economic Zone

April 27, 2019 - India

Cairo is discussing with New Delhi setting up an India Economic Zone at the Suez Canal Economic Zone on the lines of those set up by Russia and China, and is looking at light industries like food processing, packaging and information technology, Egyptian ambassador to India Heba S Elmarassi said recently in Mumbai at a Confederation of Indian Industry event.

Egypt’s interest arises from its expectation of bilateral trade nearly doubling to $8 billion by 2022, according to a news agency report. Over 50 Indian firms have already invested over $3 billion across Egypt, the ambassador said, adding while companies from there have invested around $150 million in India.

Elmarassi welcomed Indian companies to explore investment opportunities in the economic zone, especially in chemicals, petrochemicals, pharmaceuticals, textiles, automotive, auto components, agriculture, agri-processing, telecommunications, power and renewable energy.

India is the sixth largest export market for Egypt and the tenth largest source of imports and the bilateral trade stood in favour of Egypt at $4.4 billion in 2018, up from $3.5 billion in the previous fiscal.

India's exports to Egypt stood at $1.6 billion in fiscal 2017-18, up from $1.2 billion in 2016-2017, while imports stood at $2.7 billion and $2.3 billion respectively, leading to a trade deficit. (DS)