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Egypt offers to set up free economic zone for
Indian firms
Wednesday March 20, 2013 11:18:31 PM,
IANS
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New Delhi: Egypt
Wednesday invited Indian investments in the country, and said it
also proposes to establish a free economic zone for Indian
companies.
"There is also a proposal to establish a free economic zone for
the Indian side and to invite the Indian companies to set up their
industrial bases in Egypt, promote their products whether in the
Egyptian domestic market or the neighboring markets and to take
advantage of the commercial arrangements and frames Egypt has with
those large markets," Egypt President Mohamed Morsi said at a
business meet organised by industry bodies FICCI, CII and Assocham
here.
"I would like to invite Indian companies, businessmen and
investors to take advantage of the promising opportunities Egypt
offers and to assure that we will provide all required facilities
and create the most inducting atmosphere for investment and
business practice," he added.
Morsi is heading a high-level delegation of ministers and business
leaders on a four-day visit to India which began March 18.
Morsi said Egypt's location as a bridge between Asia and Africa
together with its skilled human resources makes it an attractive
business destination for India.
Morsi also told the India-Egypt Economic Forum that Egypt aims to
double its trade with India in the next few years.
"The trade surge between India and Egypt pushes us to set up more
ambitious goal of doubling this volume within the coming few
years," Morsi said.
The bilateral trade currently hovers around the $5 billion mark.
"I will urge Indian companies to look at Egypt more seriously and
invest in various sectors. Indian companies can also partner with
Egyptian firms in sectors like infrastructure, biotechnology,
energy and pharmaceuticals," said Commerce Minister Anand Sharma.
India and Egypt Tuesday signed seven agreements, including one for
cooperation in micro and small enterprises, to facilitate sharing
of information, meetings between enterprises, technology transfers
and to provide consultation services to enhance the abilities of
business enterprises of both countries.
Around 50 Indian companies, including the Sanmar group, Dabur and
Kirloskar, are operating in Egypt with a combined investment of
roughly $2.5 billion.
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