India to boost Economic ties with Egypt
With over 50 companies and investments exceeding $3bn, India, the ninth largest trading partner for Egypt, has a strong economic presence in the country.
Governments and business communities in both countries are, however, exerting efforts to expand the economic relations. Part of these efforts was the visit of an Indian business delegation of 17 members from the Confederation of Indian Industry (CII), led by Ajit Gupte, joint secretary of the Indian ministry of external affairs, paying a two-day visit to Egypt between 8 and 10 February.
“We came to Egypt to explore more business opportunities, and although India is a developing country, it approved a credit of $18.8bn. 50% of it, an amount of $9.6bn, is dedicated for investment in Africa,” commented Gupte.