India to invest $700 Mln in Egypt
Cairo — India will be doing additional investments in Egypt amounting to $700 million in the coming years, Indian ambassador to Egypt said on Thursday.
Indian envoy Ajit Gupte while addressing a meeting of Egyptian and Indian businessmen in Cairo, said that Indian investments in Egypt currently stand at $3.15 billion.
He said Indian companies are implementing a number of important projects in Egypt.
Larsen & Toubro has implemented the Toshka 2 — Wadi Halfa project for the transmission of electricity with a capacity of 220 kilovolts, while Sterling & Wilson has built solar power plants with a total capacity of 250 MW in five projects in Aswan, at a value of $250 million.
Vatek Wabag is currently implementing 10 water treatment projects in Egypt for the benefit of a number of Egyptian institutions, bringing the total number of the company’s projects to 20, according to Gupte.
He invited Indian companies to invest in Egypt and benefit from the various free trade agreements concluded by Egypt with companies and regional trade blocs.
Gupte explained that the sectors such as pharmaceuticals, chemicals, medical devices, renewable energy projects, fertilizers and construction equipment are potential areas in which Indian companies can think about investing.
He also invited Egyptian companies to consider investing in India, especially in the food industry, information and financial technology, engineering equipment and auto parts.