Egypt calls for strengthening strategic partnership with India

New Delhi, Nov 17 : Egyptian President Mohammad Hosni Mubarak, who arrived on a four-day visit to India on Sunday, has called for giving momentum to the strategic and economic ties between India and Egypt.

Addressing the Indo-Egyptian Business Forum here today, President Mubarak said that India and Egypt have all what it takes to give renewed momentum to the strategic partnership to increase the trade and investment.

"There is a strong foundation and common objectives for taking the ties to a new high," he added.

"The relations between the two nations are based on the strong foundation, common objectives and a shared sense of ...... as we seek to bring our cooperation up to new levels of partnership, the whole of our two business communities is indispensable. An affective platform is needed for intensive interaction between leading businesses and industrialists of Egypt and India," he said.

He also said that India is a key player in the world economy. Both countries are facing the challenges of global changes.

Union Commerce and Industry Minister Kamal Nath said that both countries are rebuilding their traditional links on the bedrock of bilateral trade.

He welcomed the Egyptian proposal for establishing Indian industrial zone in Egypt exclusively for Indian companies. Four MoUs were also signed in IT sector between India and Egypt. On Tuesday, President Mubarak will be presented the Jawaharlal Nehru Award for International Understanding, which was conferred on him for the year 1995.

The focus of Mubarak's visit will be on intensifying strategic and economic cooperation between India and Egypt. The two countries are old friends and founders of the non-aligned movement and South-South cooperation.

During his visit, Mubarak will meet President Pratibha Patil and hold delegation level talks with Prime Minister Dr. Manmohan Singh.

He will also meet Vice President Hamid Ansari, United Progressive Alliance (UPA) Chairperson Sonia Gandhi, External Affairs Minister Pranab Mukherjee and Leader of Opposition L.K. Advani. President Patil will host a State Banquet in honour of the visiting dignitary on Tuesday. Several agreements are expected to be signed during the visit. Bilateral trade between India and Egypt touched 2.2 billion dollars in 2006. The two countries are eyeing an ambitious target of achieving 10 billion dollars worth of bilateral trade by 2010.

Mubarak is visiting India after 25 years. He last came here in 1983 on a state visit.

ANI