Indian companies invest $170mln into Egypt in 6 months

Indian companies have invested nearly $170 million into Egypt during the past six months, Egyptian Prime Minister Mostafa Madbouly revealed in a roundtable meeting with his Indian counterpart Narendra Modi on June 24th.

Several Indian companies are pumping investments into the domains of green hydrogen and electric vehicles, Madbouly said.

Indian Investments in Egypt are estimated at around $3.5 billion, he added, pointing out that the country looks forward to seeing further Indian investments in the near future.

Moreover, he mentioned that trade exchange between Egypt and India reached about $7 billion, noting that the two-way trade could increase to $12 billion over the coming five years.

The minister also highlighted that Egypt seeks to build a strategic relation with the South Asian country in the field of exchanging strategic commodities, especially with India becoming one of the main countries to supply wheat to Egypt.