Indian investments in Egypt to touch $1.5 bn by '09: CII
Large consumer market and cheap labour are also driving Indian firms to invest in Egypt, it said.
By PTI |
NEW DELHI: Indian investments in Egypt are expected to more than double to $1.5 billion in the next two years, given the country's lucrative consumer market and proximity to the Middle East, industry body CII has said.
"Being a natural gateway to the Middle East and North Africa, Egypt has become the target of Indian companies, with total Indian investments expected to soar to $1.5 billion by 2009," CII said in a statement today.
Large consumer market and cheap labour are also driving Indian firms to invest in Egypt, it said.
Indian investments in Egypt stood at USD 700 million in close to 40 projects. Bilateral trade amounted to $2.5 billion in 2006-07. India's exports to Egypt, one of its most important trading partners in the African continent, crossed $761 million while Egypt's exports to India, mainly oil and gas, reached $1.74 billion.
Aiming to further promote 'Brand India' in the African country, CII is partnering with the Indian Embassy in Cairo to organise the 'Made in India' exhibition from November 20-23. The four-day event would include seminars on investment opportunities in Cairo, Egypt as well as in India.
CII would also take a 20-member CEO delegation to Egypt. Over 100 private and public sector companies such as Godrej, Tata, GAIL, IOC, ONGC and Apollo Tyres would be participating in the event, CII said.
"Being a natural gateway to the Middle East and North Africa, Egypt has become the target of Indian companies, with total Indian investments expected to soar to $1.5 billion by 2009," CII said in a statement today.
Large consumer market and cheap labour are also driving Indian firms to invest in Egypt, it said.
Indian investments in Egypt stood at USD 700 million in close to 40 projects. Bilateral trade amounted to $2.5 billion in 2006-07. India's exports to Egypt, one of its most important trading partners in the African continent, crossed $761 million while Egypt's exports to India, mainly oil and gas, reached $1.74 billion.
Aiming to further promote 'Brand India' in the African country, CII is partnering with the Indian Embassy in Cairo to organise the 'Made in India' exhibition from November 20-23. The four-day event would include seminars on investment opportunities in Cairo, Egypt as well as in India.
CII would also take a 20-member CEO delegation to Egypt. Over 100 private and public sector companies such as Godrej, Tata, GAIL, IOC, ONGC and Apollo Tyres would be participating in the event, CII said.
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