iStockIndian Companies need to consider the advantage of Egypt’s geographical location to access Europe, Middle East and Africa market.
Egypt is a politically stable country and has a liberal economy which has enabled Indian industry to invest more than $ 3.15 billion in Egypt mentioned Ajit Gupte, Ambassador of India to Egypt in the virtual inaugural session themed “India – Egypt Business Promotion, Challenges, and Opportunities” of the 3P Egypt International Expo 2021 being held from June 15-16.
While deliberating about the historic and bilateral relation shared between India and Egypt, Gupte mentioned that bilateral trade and export has been increasing between the two nations in a calibrated manner.
India has been Egypt’s one of the largest export destinations and one of the largest forces for imports. Upsurge in the e-commerce segment, the rising awareness of the usage of sustainable, biodegradable and recycling printing and packaging among the Egyptian market population is also driving the growth of the Printing, Packaging and Paper market.
Dr. Srikar K Reddy, Joint Secretary, FT (WANA) Department of Commerce, Ministry of Commerce and Industry, informed that with an increase in the trade, there is significant potential to diversify India’s trade baskets which will help to enhance the bilateral trade between the two countries. He mentioned that due to its strategic location and multiple free trade agreements, there is a significant opportunity for Indian businesses to increase trade and investment.
Business chamber PHDCCI was organiser of the event.