Egypt plans to allot land to Indian industries in Suez Canal Special Economic Zone

Egypt plans to allot land to Indian industries in Suez Canal special economic zone. A joint statement released by the two countries at the summit meeting said that the Indian side can arrange the master plan for the proposal. The proposal is in the context of India’s offer to encourage its companies, which have the potential to undertake overseas investments, to make use of the available investment opportunities in Egypt. The statement said, Egypt welcomes the flow of more Indian investments and promises to offer incentives and facilities as per applicable regulations and frameworks. Both Prime Minister Narendra Modi and Egyptian President Abdel Fattah El-Sisi welcomed the expansion of Indian investments in Egypt, which is currently more than 3.15 billion dollars.

They agreed to encourage businesses from their respective countries to explore emerging economic and investment opportunities in each other’s countries. The two leaders appreciated the strong bilateral economic engagement and expressed satisfaction at the current level of bilateral trade at a record high of 7.26 billion dollars in 2021-22, despite the challenges posed by the pandemic. They expressed confidence that a bilateral trade target of 12 billion dollars could be achieved within the next five years by both countries, by diversifying the trade basket and focusing on value addition, the joint statement said.