Industry minister meets Indian delegation on creating conducive investment climater

The government is keen on providing a climate conducive to investment in order to increase foreign investments in the Egyptian market during the upcoming phase, affirmed Trade and Industry Minister Tarek Qabil. 

The ministry exerts utmost efforts to solve all problems which are confronting investors in cooperation and coordination with all ministers and relevant authorities, he added during his meeting with an Indian trade delegation to attend the third session of the Joint Commission of Commerce between Egypt and India.

The Indian investments in Egypt represents one of the most important pillars of the joint Egyptian-Indian cooperation, he added. 

There are several opportunities before Indian investors in order to increase their investments in Egypt within the upcoming phase, he said. 

The government has a road map for a comprehensive economic reforms, which aim to facilitate procedures before investment, added the minister. 

He also noted that attaining an economic growth rate by 4.2% over the past year showed that the Egyptian economy is strong and still remains among the most investment attractive markets at the regional and international levels. 

The Indian side voiced keenness on establishing an Indian industrial zone to be designed for small and medium-sized enterprises (SMEs) in the Suez Canal area, said the minister. 

Indian Ambassador to Egypt Sanjay Bhattacharyya said that the Indian delegation's visit came as part of India's keenness on enhancing its economic ties with Egypt, which is considered one of the most important trade partners for India in the Middle East and Africa. 

He also pointed out to the crucial role played by the Egyptian-Indian business council in order to develop joint investments in the two countries.

The upcoming phase will witness pumping more Indian investments to Egypt, especially that the Egyptian market is an attractive one, said Chairman of Sanmar Chemicals PS Jayaraman, who is also member of the Indian side in the joint business council. 

He also said that Sanmar company is about to establish a new factory for the production of ''pcv'' substance at a total investments, worth 200 million dollars in the industrial area in Port Said.