India seeks Egyptian investments to foster trade

The Dollar Business

For centuries, India and Egypt have shared strong political and cultural ties. They will now work towards enhancement of trade and investments.

On the sidelines of the seminar on “India by the Nile” cultural fest, held in Cairo, India invited Egypt to invest in its rapidly expanding economy. Indian Ambassador to Egypt Sanjay Bhattacharyya stressed on the significance of working towards trade and investment in the world of economics.

The seminar decoded that the Make in India initiative aims to transform the country into a manufacturer’s hub for innovations, producing eco-friendly, low cost products with no defects. And these efforts paid results. The country bagged huge investments from across the globe attracting investors, buyers and partners.

The Make in India initiative, launched in 2014, united many stakeholders and partners in India. It was a strong call to business leaders, potential investors and partners across the world. While defining the concept of profit on a broader scale, Bhattacharyya added that when two great civilizations like India and Egypt unite then the meaning of profit is not limited to money but transforms into a relationship.

In the same manner, despite a faltering global economy, India and Egypt’s investment relationship and trade moved in leaps and bounds. Over the past five years, the bilateral trade rose by 60% to $5 billion. Egypt is the third largest importer of Indian goods.

India too has reciprocated by investing about $3 billion into Indian firms in Egypt, creating employment opportunities for around 35,000 Egyptians.