Indian investments in Egypt amount to $3.70bln: Ambassador Gupte

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Indian Ambassador to Cairo, Ajit Gupte, revealed that Indian investments in Egypt total approximately $3.7bn.

These investments span various sectors, including green hydrogen, and involve companies such as TCI Sanmar, Alexandria Carbon Black, Kirloskar, Dabur India, EIPET, Lulu Group, Embee International, Flex P Films, Velocity Group, Galaxy Chemicals, Misr Hytech Seed, Dabur Egypt, Pharmed Healthcare, Sun Pharma Egypt, Scape Paints, Godrej, Mahindra, EKC, Platinum Stabilizers, Abdos FMCG, Flex Pet, and Monginis.

Conversely, Egyptian investments in India amount to around $37m. Notable Egyptian companies investing in India include El Sewedy Group (smart electric meters), KAPCI Coatings (automotive paints), and Modern Waterproofing/Bitumode (waterproofing products). Additionally, there have been 700 IT-related investments from Egypt into India.

His remarks came during a press conference held last Thursday.

During the event, the Ambassador stressed the distinguished cooperation between India and Egypt, pointing to the boom in relations between the two countries in various fields, which led to the promotion of the partnership to a strategic level.

The Ambassador said that 2023 was a “historic” year in terms of the relations, as Indian Prime Minister Narendra Modi invited President Abdel Fattah El-Sisi to participate as the main guest in India’s Republic Day celebrations in January 2023. India also invited Egypt to be a guest at the G20, and the Indian Prime Minister visited Egypt in June 2023, which was a successful visit where the two leaders signed a joint declaration to elevate the partnership to a strategic level. President Sisi also visited India in September 2023 to participate in the G20 summit during India’s presidency.

The Ambassador highlighted the multiple high-level visits between the two countries over the past period, which demonstrate the strong ties across various sectors. He praised the excellent economic and commercial relations between India and Egypt.

The Ambassador expected more exchanges of official visits in the coming period, especially after the formation of the new government in Egypt, as well as the formation of the government after the elections that recently took place in India.

Regarding International Yoga Day, the Ambassador referred to Prime Minister Modi’s speech celebrating the widespread practice of yoga in many countries, including Egypt, where the Indian Embassy in Cairo organized a photo competition, and photos of thousands of people practising yoga on the banks of the River The Nile, the Red Sea beaches and in front of the pyramids become very popular.

On the Gaza conflict, the Ambassador stated that India provided humanitarian aid shipments to Gaza in late 2023 through the Rafah crossing. He reaffirmed India’s longstanding recognition of the State of Palestine and support for a two-state solution, citing India’s vote in favour of Palestine’s UN membership at the Security Council emergency session in May 2023.