Egypt’s Minister of Trade and Industry Ahmed Samir said that Egypt and India have a long history of cooperation that supports their mutual goals of economic and social development.
He made these remarks at the 21st annual forum of the Confederation of Real Estate Developers’ Associations of India (CREDAI), which took place in Sharm El-Sheikh with the attendance of many Indian business leaders. He added that the forum was an opportunity to showcase investment opportunities and discuss policies that promote sustainable development and attract more investments.
Samir stated that the real estate sector in Egypt accounts for more than 20% of the GDP, and plays a vital role in driving growth, investment, and job creation. He also said that the sector provides housing units for citizens and develops infrastructure projects.
He mentioned that Indian investments in Egypt reached $3.2bn in 52 projects in fields such as food industries, chemicals, and tourism.
Samir explained that Egypt has implemented many policies to attract more foreign direct investments in the real estate sector, such as establishing investment zones, issuing regulations and rules, and setting up specialised courts to speed up the resolution of disputes. He said that these measures have increased foreign direct investments in the real estate sector and infrastructure projects.
He affirmed the Egyptian government’s commitment to improving the business climate in the real estate sector by enhancing transparency, simplifying procedures, and offering many opportunities for growth and investment. He invited the forum’s participants to explore the Egyptian market and establish cooperation projects in the real estate sector.
Samir also highlighted Egypt’s membership in the BRICS, which he said was a great opportunity for Egypt and India to strengthen their cooperation in the real estate sector and other fields. He added that Egypt’s accession to the BRICS opens new horizons for developing economic relations with India and other African countries.
