Indian investments in Egypt could reach $400 million: Minister
Indian companies signalled their willingness to invest up to $400 million towards projects in power-generation, plastic, and real estate in Egypt, according to a statement released by the Egyptian Ministry of Investment on Wednesday Al Ahraonline reported.
Investment Minister Osama Saleh met with representatives from a number of economic institutions and Indian companies on Wednesday while accompanying the Egyptian president on his visit to India.
There are currently 352 Indian companies operating in Egypt, in the fields of petrochemicals, oil and gas, textiles and telecommunications. The Egyptian government is determined to attract even more firms, according to the press statement.
Saleh added that it is of utmost importance to activate the current standing agreements between Egypt and India, such as the memorandum of understanding (MoU) that was signed between the Egyptian Investment Authority (EIA) and the Indian investment union in 2007.
The Egyptian minister met with representatives of the Indian chemicals multinational the Sanmar Group, which currently holds investments in Egypt worth $1.3 billion in the canal cities of Port Said and Suez, and employs over 1,500 Egyptian workers.
Sanmar Group representatives said they were planning to pump further investments in Egypt worth $300 million and build a plastic manufacturing company in the city of Port Said.
Saleh assured the Indian chemicals giant that the disturbances in Port Said were temporary and would not put in danger the group's investments in the city, asserting that the government is dedicated to create employment opportunities for the youth of Port Said.
The city of Port Said has recently been hit by a wave of violence triggered by a court ruling sentencing 21 of its citizens to death on charges related to the Port Said stadium riot in February 2012.
The Egyptian-Indian Polyester Company has vowed to expand its production lines in Egypt with investments worth $100 million, according to the press statement released by the Egyptian ministry of investment.
The company currently operates a polyester production plant in the city of Ain Sokhna.
President Mohamed Morsi is currently on a visit to India accompanied by representatives of the ministry of investment and a group of Egyptian businessmen to boost trade ties with the country.