CAIRO: Under the slogan “Bringing India to the Land of the Pharaohs, the Made in India Show was brought to Egypt for the first time ever in a bid to further strengthen bilateral economic relations and investment flows.
“India has never had such a show in Egypt despite strong relations both politically and economically between both countries, said Rajive Kaul, leader of the Confederation of Indian Industry (CII). “Egypt is of great interest to Indian [business leaders] who came to Egypt to expand business ties and develop a roadmap for future economic engagement. Egypt is a doorstep to the [Mena region] and thus presents an extremely good opportunity for investment.
The Made in India Show – organized by the Indian Embassy and the CII – showcased Indian industries across a wide variety of sectors including automotives, petrochemicals, engineering, textiles, petroleum and natural gas, railways, financial services, hotel industry, and tourism. The exhibition also featured a science and technology pavilion as well as an Indian theme pavilion covering garments, handicrafts, and jewelry.
“Both India and Egypt have traditionally been looking at developed markets like the US, Europe, and Japan, pointed out Indian Ambassador A. Gopinathan. “Such endeavors enable [Indian industries] explore opportunities and concentrate more on countries like Egypt.
Indians, he added, were not aware of the requirements of the Egyptian market, while Egyptians were not aware of India’s capabilities. “Events such as the Made in India Show raise awareness of Egypt’s favorable economic and investment opportunities as well as help expand and market Indian industries in Egypt.
Different business seminars and forums featuring CEOs of major Indian companies also took place during the show. Adding spices and flavor to the show was a food festival, a fashion show, and a cultural program all aiming to give a glimpse of contemporary India.
The Made in India Show has already showcased Indian products and services in several countries including the United Kingdom, Japan, China, South Africa, Turkey, Thailand, and Iran. However, the one held in Egypt was named a great success, as it brought around 120 Indian CEOs, making it the biggest Made in India Show ever held.
“Already India is the 12th largest foreign investor in Egypt, and there already are huge ventures in the pipeline in fields such as oil, petrochemicals, steel, and IT, Kaul stated. “If things go to plan, then this show will be a strong catalyst bringing in billions of dollars of investments.
Indian investments in Egypt have nearly doubled from $400 million to $750 million in the last two years. “With current proposals in the pipeline, we will have about $2 billion in investment by the year 2008/09, the ambassador said.
Indian investments flow in around 40 projects, including Alexandria Carbon Black, Asian Paints, Oberoi Group, Reliance Industries, Satyam Computers Limited, and Alexandria Fibre Co.
India’s biggest investment in Egypt so far comes from a joint venture between IFFCO of India and Al Nasr Mining Company of Egypt to establish a Phosphoric Acid plant in Upper Egypt entailing an investment of more than $350 million, 76 percent of which will be made by the Indian partner.
Hindu-Egyptian trade ties have also been on the rise. Bilateral trade amounted to $1.97 billion in the 2006/07 fiscal year, up from $650 million in 2004. India has now become Egypt’s third largest trading partner, after the US and Italy, and the largest importer of Egyptian products. India’s exports to Egypt crossed $400 million; while Egypt’s exports to India, mainly oil and gas, reached $1,392 million.
“Balance of trade is very much in Egypt’s favor, especially because of large exports of Egypt’s oil and gas, Gopinathan said.
According to the embassy, Indian exports to Egypt include machinery, textile fibers, plastic and rubber, pharmaceuticals, tea, and tobacco. Egyptian exports, on the other hand, are mainly oil and gas – which constitute around 95 percent – followed by raw cotton, rock phosphate, and marble.
