CAIRO - 8 October 2023: Indian investments in Egypt amount to $3.2 billion, spread across 52 projects in various sectors, including food industries, chemicals, and tourism, Minister of Trade and Industry, Ahmed Samir said.
Samir affirmed that Egypt and India share a strategic bilateral relationship that spans a long history of mutual cooperation aimed at supporting the economic and social development aspirations of both countries.
He highlighted the close cooperation between Cairo and New Delhi in various fields and at all levels, particularly in trade, investment, and cultural exchange.
Samir made these remarks during a speech delivered on behalf of Mostafa Madbouly, the Prime Minister, during the 21st Annual Meeting of the Indian Real Estate Developers' Association, which took place in Sharm El Sheikh and was attended by a significant number of Indian business leaders.
He stated that this meeting serves as an important platform for knowledge exchange and communication between business circles and for exploring new partnership opportunities that contribute to achieving shared goals and the development and prosperity of both countries.
Samir pointed out that the meeting was held immediately following the "Hekayat Watan" (Nation's Story) conference, an important platform for leaders, decision-makers, and experts to discuss various critical topics related to Egypt's welfare and development. He noted that the conference acted as a platform for showcasing investment opportunities and discussing policies that promote sustainable development and attract more local and international investments.
The Egyptian real estate sector, Samir emphasized, represents more than 20 percent of the total gross domestic product (GDP), playing a pivotal role in economic development worldwide. It serves as a major driver of growth, investment, job creation, and the provision of housing units for citizens, as well as the development of infrastructure projects.
Samir noted that the Egyptian government has recently implemented ambitious reforms and supportive policies to improve the business environment. These efforts have enhanced investor confidence in the sector and have had a positive impact on the Egyptian economy as a whole. He stressed that the Egyptian government recognizes the importance of sharing ideas between countries to achieve sustainable development.
The Minister of Trade and Industry acknowledged India as one of the leading countries in real estate development, with the Indian Real Estate Developers' Association playing an active role in developing this industry in India. He further highlighted Egypt's appreciation for the significant experience of Indian real estate developers and India's importance as a key partner in this field.
Samir pointed out that the Egyptian government has implemented several policies aimed at attracting more foreign direct investment in the real estate development sector. These policies include the establishment of investment zones, the issuance of various regulatory rules, and the creation of specialized courts to expedite dispute resolution in this sector. These measures have contributed to increasing foreign direct investments in real estate and infrastructure projects.
Samir reaffirmed the Egyptian government's full commitment to creating a conducive environment for investors, one that contributes to the common interests of all parties. He invited participants in the forum to explore investment opportunities in the Egyptian real estate market and translate them into tangible projects in Egypt's real estate development sector.
The minister also discussed Egypt's membership in the BRICS bloc, emphasizing that it presents a unique opportunity for both countries to enhance their cooperation in the real estate development sector and explore new prospects for investment and growth in this field. He highlighted that Egypt's membership in BRICS opens up new avenues for economic relations between the two countries, particularly with Africa.
He underscored that the real estate sector serves as a key driver of economic development, highlighting the potential for Indian investors to leverage the experiences and resources of both countries to invest in the African real estate development sector. This can be achieved by capitalizing on Egypt's strategic location and India's real estate expertise, ultimately contributing to urban development, job creation, and infrastructure enhancement across the continent.
Samir concluded by emphasizing the importance of this forum in strengthening the bonds between Egypt and India and its role in achieving sustainable development and economic prosperity. He emphasized the promotion of mutually beneficial relationships on both bilateral and multilateral levels and the creation of constructive partnerships between Asia and Africa that benefit the business communities in both countries.
Comments
Leave a Comment