Egypt plans to allot land to Indian industries in special economic zone – Saudi Gazette

Egypt plans to allot land to Indian industries in special economic zone – Saudi Gazette

NEW DELHI — Egypt is considering the possibility of allocating a special area of land for Indian industries in the Suez Canal Economic Zone (SCEZ), a joint statement released by the two countries on the summit meeting said on Thursday.

It added that the Indian side can arrange the master plan for the proposal. The proposal is in the context of India’s offer to encourage its companies, which have the potential to undertake overseas investments, to make use of the available investment opportunities in Egypt.

“Egypt welcomes the flow of more Indian investments and promises to offer incentives and facilities as per applicable regulations and frameworks,” said the statement.

“Both leaders (Indian Prime Minister Narendra Modi and Egypt’s President Abdel Fattah El-Sisi) welcomed the expansion of Indian investments in Egypt, which is currently more than $3.15 billion.

“They agreed to encourage businesses from their respective countries to explore emerging economic and investment opportunities in each other’s countries,” it added.

The two leaders appreciated the strong bilateral economic engagement and expressed satisfaction at the current level of bilateral trade at a record high of $7.26 billion in 2021-22, despite the challenges posed by the pandemic.

“They expressed confidence that a bilateral trade target of $12 billion could