India hopes Egypt will offer favourable business environment: Sushma Swaraj

CAIRO: India today hoped that Egypt will offer a transparent and predictable regulatory regime for businesses to attract potential Indian investors.

"In trade, we are the second largest destination of global exports from Egypt but this can be increased significantly as can our exports to Egypt," External Affairs Minister Sushma Swaraj said in an address to a group of strategic thinkers and policymakers at the Diplomatic Club here.

Indian investments in Egypt is touching $3 billion, in over 50 Indian ventures. And the bilateral trade volume stood at about $5 billion.

She hoped Egyptian authorities would be ready to create a favourable business environment to attract potential investors from India and offer a transparent and predictable regulatory environment.

"We can work out mutually beneficial solutions to enhance two-way trade significantly by having preferential arrangements as well as better coordination," she said.

She said the Joint Business Council, composed of the leading business houses on both sides will discuss the new economic partnership that provides win-win solutions.

Swaraj said Indian buisness leaders are prepared to step up their involvement in Egypt as they recognise the country is not only a large market but it can also become the hub for manufacturing in the region because of the trade agreements it has with Africa and Europe, Egypt.

"We are ready to strengthen cooperation in the fields of textiles, apparel machinery, automotive components, chemicals, consumer goods and any other area that Egypt would prefer," she said.

"Further, India has great strength in new technologies such as IT, pharmaceuticals, health and space. Our companies would be ready to share their competencies with Egypt."

Swaraj said India's SME sector can contribute to Egypt's SME sector.

Swaraj hoped Egypt will create a favourable business environment to attract Indian investors and offer a transparent and predictable regulatory environment.

"In short, given a suitable business environment, the sky is the limit for our economic engagement. I must also mention that sharing our best technologies and building partnerships are central to our engagement with Egypt."

On transformation in India, she said, "We have seen steady progress in India over the last few decades. Our successful democracy, independent judiciary, vibrant media, and vigorous civil society rests on the basis of our Constitution, which assures the rights of citizens and the integrity of India. We celebrate our extraordinary diversity of languages, ethnicities and religions. This has nurtured tolerance in an integrated India."