Indian investments in Egypt hit $3bn

Indian Ambassador in Cairo Sanjay Bhattacharyya said on Tuesday his country's investments in Cairo hit 3 billion dollars in 50 projects covering cosmetics, chemical industries and plastic products.

In statements during a visit to BAnha University, the ambassador said the most recent joint investment is renewable energy to provide 50 megawatts of electricity.

There are also other projects under discussion with the Egyptian partners and businessmen in IT, education, health services and car spare parts, he added.

The ambassador's visit to Banha University comes at the opening of the Indian Language Department.

There is a high quality Indian medication to virus C disease that is 2 percent less in price compared to the American medicine, the ambassador underlined.

There are talks between the Indian and Egyptian governments to sign a free trade agreement that will allow trade and investment movement between the two countries, he pointed out.

President of Banha University Ali Shamseddin said the Indian Language Department will help Egyptians benefit from the Indian civilization and exchange expertise.