Huge potential for Indian companies to invest, diversify in Egypt: Ambassador – DT Next
Published: Oct 07,201608:00 AM by Bijoy Bharathan
The Ambassador of India to Egypt, Sanjay Bhattacharyya, IFS, who was recently in Chennai, spoke about the business avenues that Indian firms could explore in the Arab republic.
Chennai:
Speaking at a session organised by the Southern India Chamber of Commerce and Industry (SICCI) and The Madras Chamber of Commerce & Industry (MCCI), Bhattacharyya said, “There are about 50 enterprises of Indian origin that are present in Egypt today. The total investment is about US$3 billion. The largest by far is the Sanmar group’s, who have a $1.2 billion chemical factory in Port Said, Egypt, which is the largest of its kind in the region.”
Talking about the contribution of Indian firms in the region, he tells us, “The Indian investment in Egypt encompasses a spectrum of items. A majority of them are in the chemical industry in terms of the investment. In terms of employment – Indian industries employ as many as 35,000 Egyptians. A large section of it comes from the textile and garment industry.” He adds, “Traditional brands like Kirloskar, have been serving parts of Egypt with their water pump solutions, for close to 60 years. Household brands like Dabur and Marico have also been present here for a long time. Lots of project implementations take place here, like electrical transmission and speciality chemicals among others.”
In terms of trade, India had reached a peak of about five and a half billion dollars in 2012-13. But off late owing to the downturn in the global economic situation, and drop in prices of oil, there has been a decline, shares Bhattacharyya. “However, there is a huge potential for both trade expansion diversification and two-way investments. At present there are only three Egyptian companies that have operations in India.”
Bhattacharyya tells us, “We recently had a Make in India seminar a few months ago in Cairo. It was very well received and some high value entrepreneurs are looking at opportunities in India. Egypt has been able to tide over its political turmoil in a very competent manner. The present government has provided political stability, economic reforms and very serious structural reforms.” Egypt is very important transit point for the Arab, European and African market. Egypt has duty free access for products produced locally. Indian firms that get into the Egyptian market get the same advantage too.
T.N. should invest in Egypt: Envoy – The Hindu – 5th Oct’16
“Bollywood is so popular in Egypt. Actors Amitabh Bachchan and Shah Rukh Khan are so beloved that we use a lot of Bollywood markers in the annual ‘India by the Nile’ festival which showcases India’s diversity. There is scope for Tamil Nadu to showcase India’s diversity in cinema as well,” said Sanjay Bhattacharya, Ambassador of India to the Arab Republic of Egypt, who participated in an interactive meeting with city’s industry leaders about economic opportunities in Egypt, here on Tuesday.
Organized by the Southern Indian Chamber of Commerce and Industry and Madras Chamber Of Commerce and Industry, Mr. Bhattacharya said that despite two major political upheavals in recent times the Egyptian government had managed to restore political stability.
Adding that information and communications technology industry, pharmaceuticals, small and medium sized enterprises were the industries that stand to gain, he said the Grand Imam of Al-Azhar mosque preferred Indian IT companies.
“The IT companies must make the first move in the Egyptian market. There is much to gain,” he said.
