Egypt invites Indian investments

Egypt is rolling out the red carpet for India Inc to invest in the Suez Canal Economic Zone, as it expects the bilateral trade to nearly double to $8 billion by 2022. The Arab nation is also in talks with New Delhi to establish an India Economic Zone at the Suez Canal Economic Zone, on the models of the ones established by Russia and China and is looking at asset-light industries like food processing, packaging and IT, Egyptian ambassador Heba Salaheldin Elmarassi said. India Inc led by over 50 companies have already invested over $3 billion across Egypt, she said, adding while companies from there have invested around $150 million in India. Elmarassi said at an event organised by the industry lobby CII: "Indian companies are welcome to explore emerging investment opportunities in the economic zone, especially in sectors like chemicals, petrochemicals, pharma, textiles, and auto & auto components among others." She added, companies from agricultural and agri-processing, IT, telecom, power, renewables are also welcome to explore investment opportunities in the economic zone. The Suez Canal Economic Zone, one of the main projects where Egypt is trying to attract foreign investments, is a free zone and trade hub along the banks of the newly-expanded Suez Canal. Strategically located on the main trade route between Europe and Asia, over 8 per cent of global trade passes through the canal annually. Spanning 461 km, which is almost two- thirds of Singapore, the zone consists of two integrated areas, two development areas and four large ports.