Egypt welcomes additional investment and pledges incentives and facilities in a joint statement; India reiterates its support.
With Egypt in the grip of a severe economic crisis, Egyptian President Abdel Fattah El-Sisi, who was the primary guest at Thursday’s Republic Day celebration, has approached India for investments and involvement in big infrastructure projects in his nation.
According to sources, this has been a recurring topic of conversation between the Egyptian side and the Indian leadership over the last two days, including with Prime Minister Narendra Modi. These negotiations took place at a time when China’s economic connections with Egypt have grown over time.
This effort was echoed in a joint statement released by both presidents, which stated that both leaders applauded the increase of Indian investments in Egypt, which now total more than $3.15 billion. According to the statement, they agreed to encourage firms from their respective countries to explore developing economic and investment possibilities in each other’s countries.
“Egypt welcomes the flow of more Indian investments and promises to offer incentives and facilities as per applicable regulations and frameworks. On its part, India underlines its support for this approach by encouraging its companies, which have the potential to establish overseas investments, to make use of the available investment opportunities in Egypt,”
Meanwhile, during his discussions in Delhi with Indian authorities, including External Affairs Minister S Jaishankar and President Droupadi Murmu, and the business community, Sisi emphasised Egypt’s desire to expand economic and commercial relations, as well as joint investments, according to sources.
According to reports, the Egyptian President stated that megaprojects being undertaken in Egypt provide a variety of investment prospects.