Ahmed Rostom, Minister of Planning and Economic Development, met with Suresh K. Reddy, India’s Ambassador to Cairo, to discuss ways to strengthen the strategic partnership between the two countries and explore opportunities for cooperation in innovative financing and start-up support.
The meeting comes as part of Egypt’s efforts to expand international partnerships and deepen economic and investment cooperation with India in support of national and regional development priorities.
During the meeting, Rostom praised India’s experience in developing digital infrastructure, fostering innovation ecosystems and creating an enabling environment for start-ups to grow and expand.
He underscored the importance of benefiting from India’s expertise, particularly in developing innovative financing mechanisms and solutions that could support entrepreneurship and investment in Egypt.
Rostom said entrepreneurship is a key driver of sustainable economic development, contributing to job creation, innovation and the establishment of new businesses, while boosting productivity and strengthening the competitiveness of the national economy.
He explained that the government, through the Ministerial Group for Entrepreneurship, is working to develop an ambitious implementation plan to advance the sector. The plan aims to encourage the emergence of new billion-dollar companies, launch initiatives to support students and researchers, and provide financing to stimulate the growth of start-ups.
The minister also reaffirmed the government’s commitment to continuing its economic reform programme to consolidate economic stability, create a favourable climate for domestic and foreign investment, and enable Indian companies to capitalise on Egypt’s competitive advantages, particularly its strategic geographical location and the incentives and facilities available across various sectors.
For his part, Ambassador Reddy highlighted India’s experience in entrepreneurship, noting that the country is home to more than 240,000 start-ups.
He said Egypt represents a regional hub for companies seeking to expand into African and European markets, offering Indian businesses significant opportunities to broaden their regional presence.
Reddy stressed the importance of including financial technology companies and digital solutions providers, such as the National Payments Corporation of India (NPCI), in the investment delegations expected to visit Cairo, with a view to expanding opportunities for partnerships between the two countries.
He announced that preparations are underway for a high-level Indian investment delegation comprising more than 150 major companies to visit Egypt. The visit will provide participating companies with an opportunity to explore the country’s investment climate, economic reform experience and available investment opportunities first-hand.
The ambassador expressed his appreciation for the growing partnership with Egypt, noting that Indian corporate investments in the country are approaching $5bn.
These investments are spread across approximately 55 Indian factories, which provide more than 35,000 jobs for Egyptian workers.
Reddy added that exploratory visits to Egypt by several Indian businesspeople had generated new investment plans, further reinforcing the country’s position as a source of economic and regional stability.
The Indian ambassador also extended an official invitation to Rostom to visit India, stressing the importance of introducing the Egyptian side to India’s Vision 2047 alongside Egypt’s Vision 2030.
He explained that India has set an ambitious goal of becoming a developed economy by 2047, marking the centenary of its independence.
Reddy also invited Egypt to participate in the annual conference dedicated to developing India’s start-up ecosystem, organised by the National Association of Software and Service Companies (NASSCOM).
At the conclusion of the meeting, both sides reaffirmed their commitment to institutionalising cooperation through the establishment of a joint Egyptian-Indian Start-up Forum.
The proposed forum is intended to provide a permanent platform for dialogue and collaboration between young professionals and entrepreneurs in both countries, opening up new avenues for investment and mutual growth while ensuring the continuity and expansion of the bilateral partnership.
