India is committed to take forward its economic relations with Egypt and Indian investments in the North African country is now over USD 3 billion, Indian Ambassador to Egypt Sanjay Bhattacharyya has said.
Addressing a seminar, organised as part of the mega cultural festival India by the Nile, he said that Indian and Egyptian businessmen can work together and take the relationship forward.
"There are Indian investments with over over USD 3 billion in Egypt. India has been for a long time committed to the growth and development of the Egyptian market. And what we find today is that the existing investors are expanding their operations with new investments coming in," Bhattacharyya said yesterday.
Stressing that the 2015 and early 2016 was a difficult time for the economic sector in Egypt, the Ambassador said, but after initiation of a reform process, not only by policy measures but also by legations, the economy has recovered.
"Through the efforts of policy and business, Egypt is becoming the fastest growing economy in the region. Egypt cannot be content with just the Egyptian market," he said, adding that if Egypt have to invest overseas, then India, a friend for 7,000 years, would be the best choice.
Chairman of Egyptian Business Association Ali Eissa said that the association, established in 1979, gives great attention to India.
He also added that a delegation from the association would be visiting India by the end of this year.
A number of businessmen, representative from the Egyptian government and officials also attended the seminar.
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