CAIRO: Seeking to enhance bilateral trade and investment between India and Egypt, the Embassy of India announced on Friday Egypt’s first “Made in India Show.
Due to be held in Cairo in late November 2007, the show, organized in cooperation with the Confederation of Indian Industry (CII), will project achievements of the Indian industry over the past decade including agricultural and packaging machinery, construction equipment, auto-parts, textile and garment machinery, among others.
“The purpose of having this show is to expand business relations, enhance investment opportunities as well as facilitate joint ventures and technology transfer between both countries, said Indian ambassador A. Gopinathan.
Different business seminars and forums featuring CEOs of major Indian companies will also take place during the show.
Adding spices and flavor to the show is a food festival, a fashion show, and a cultural program all aiming to give a glimpse of contemporary India.
The “Made in India Show is quite popular in many countries around the world such as Russia, China, South Africa, Germany, and Brazil.
Trade between India and Egypt has been improving in recent years, crossing $1.7 billion in 2006. India has become Egypt’s third largest trading partner, after the US and Italy, and the largest importer of Egyptian products. India’s exports to Egypt amounted to $355 million; while Egypt’s exports to India, mainly gas and oil, reached $1,392 million.
According to officials at the embassy, India is the twelfth largest foreign investor in Egypt with total investments of $400-450 million in around 40 projects, including Alexandria Carbon Black, Asian Paints, Oberoi Group, and Alexandria Fibre Co. With the establishment of a new joint-plant in Upper Egypt, total Indian investments are estimated to reach $700-750 million this year.
“Having said that, crossing $1 billion within the next two years is not too far from happening, Gopinathan added.
