Egyptian side welcomes flow of more Indian investments

New Delhi:

The relations between India and Egypt seem to be getting stronger.

Both countries reiterated their commitment to the founding principles of the Non-Aligned Movement, international law and respect for the sovereignty and territorial integrity of all nations.

Joint statement issued on Thursday, a day after Prime Minister Narendra Modi and Egyptian President Abdel Fattah El-Sisi held bilateral talks as the chief guest at the Republic Day celebrations, discussing bilateral, regional and global issues of mutual interest This was said in

On economic ties, the statement said Egypt is considering allotting a special zone to Indian industries in the Suez Canal Economic Zone (SCEZ) and the "Indian side may prepare a master plan for this".

The Suez Canal, connecting the Mediterranean Sea to the Red Sea, is one of the world's busiest trade routes.

About 12 percent of the world's total trade passes through this canal daily.

According to the joint statement of India and Egypt, companies that have capital to expand their business abroad, India will use such companies for investment opportunities available in Egypt.

"In this context, the Egyptian side is considering allotting a special zone to Indian industries in the Suez Canal Economic Zone. The Indian side may prepare a master plan for this," the statement said.

Talking about the financial data, the two leaders appreciated the strong bilateral economic engagement and expressed satisfaction that bilateral trade at a record high of US$ 7.26 billion in 2021-22 despite the challenges posed by the pandemic.

He expressed confidence that the bilateral trade target of US$ 12 billion can be achieved within the next five years by diversifying the trade of the two countries and focusing on value addition.

The Egyptian side welcomed the flow of more Indian investments and promised to provide incentives and facilities as per applicable regulations and frameworks.

On its part, India underlined its support for this approach by encouraging its companies.

Egyptian President El-Sisi, who arrived in Delhi on Tuesday on a three-day visit to India, attended the Republic Day celebrations as the chief guest.

Although the tradition of inviting foreign guests on the Republic Day parade is symbolic, but the diplomacy behind calling the head of a country has also changed in the global equation.

Being a Muslim majority country, the friendship between Egypt and India is very important.

By the way, let us tell that the friendship between India and Egypt is more than 70 years old.

This country has rejected Pakistan's propaganda against India on many occasions.

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