India is all set to expand its investments in Egypt which is presently more than US $ 3.15 bn.
In an effort to further deepen economic and trade ties with India, Egypt is studying the possibility of allocating a special area of land for the Indian industries in the Suez Canal Economic Zone (SCEZ).
In a joint statement issued at the end of talks between Prime Minister Narendra Modi and the Egyptian President Abdel Fattah El-Sisi, Egypt welcomed the flow of Indian investments and offered more incentives and facilities as per the law of the land. And also offered a special area of land for the Indian companies for which India can arrange for the master plan.
Financial Express Online has reported earlier that India is keen to expand its ties with Egypt which is not only seen as a major gateway to markets in Africa and Europe but is also a key player in the politics of Arab and Africa.
How important is this offer?
It is for a number of reasons and most importantly for geo-economic significance. India is all set to expand its investments in Egypt which is presently more than US $ 3.15 bn.
“Egypt is the central country in Arab and African politics. Strategically located, its significance lies in economic potential. Despite internal challenges, Egypt remains central to the Middle East and North Africa. In addition to security and defence, including in maritime and counter terrorism domains, the economic opportunities are notable in the areas of food security, energy security, investments, trade as well as in logistics, supply chain and shipping,” explains Md. Muddassir Quamar, PhD., Associate Fellow, MP- Institute of Defence Studies & Analyses.
According to Quamar, “Enhancing relations to strategic partnerships is important not least for it refreshes the long and historical relations but also as it can replicate Indian foreign policy successes with other Arab & Middle Eastern countries.”
Since the cascading effect of the ongoing Russia-Ukraine war has been on the global supply of food products and food security the two leaders had discussed the complete supply chain for the food and fertilizer security.
Foreign Secretary Vinay Kwatra told Financial Express Online that going forward, what the two countries can do together so that the food security concerns were addressed during talks.
According to him the PM did speak very strongly about ancillary elements of the food sector. This includes the food processing sector – in which the private sector and the Indian industry would be keen to cooperate.
Rice to Egypt
In response to how the two countries are working together in the Agriculture sector the FS said that elements of trade in rice, especially non-basmati rice and some other food products, constitute an important segment of the cooperation in the agriculture sector.
https://www.financialexpress.com/defence/india-gets-a-special-spot-in-the-suez-canal-economic-zone/2962127/?utm_source=edu_landing_page&utm_medium=article_listing_widget&utm_campaign=Tags
