The visit of Egyptian President Abdel Fattah El-Sisi is an opportunity to explore new avenues of collaboration and deepen our partnership, said Sumant Sinha, President, ASSOCHAM on Wednesday.
While speaking at an event, Sinha said this year is of importance for both India and Egypt as it marks 75 years of cordial diplomatic relations between the two countries.
He also said that India is one of the few large economies where economic growth and sustainable development are moving in complementary directions.
“The world today is going through challenging times and a new world economic order is beginning to emerge with a shift in the balance of power towards Asia,” Sinha added.
Notably, President El-Sisi said that both India and Egypt are working to facilitate cooperation between the two countries.
“We want to bring more Indian investments into our markets and will support the companies. That was my guidance to the ministers to help companies fill the gaps in the markets,” El-Sisi mentioned.
Meanwhile, CP Gurnani, Chairman CII National Commission on IT & ITes and MD&CEO, Tech Mahindra said that India and Egypt enjoy friendly political and economic relations based on historic and civilisational ties.
He stated that with Egypt as an invited country by India in G20, the agenda of the global south in which both countries are important stakeholders will be furthered as we engage with Egyptian businesses as key B20 partners.
“We are keen to contribute by creating platforms for regular exchanges between businesses of both countries and promote long-term investments from Indian Companies in Egypt,” Gurnani asserted.
Egypt can serve as the potential hub of Indian investments and a gateway to Africa with over USD 1.4 billion inhabitants and an estimated market size of USD 3 trillion, Gurnani added.