India's FDI outflows to Egypt to touch $2 bln

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New Delhi, Nov 17 (UNI) Egypt President Hosni Mubarak, who is on a four-day visit to India, today said India's aggregate 800 million dollar foreign direct investment (FDI) is already in place and it will go up to two billion dollars in the near future.

''At present, the India Inc has invested 800 million dollars in 200 Egyptian companies and it has the potential to reach the two billion dollar mark for FDI into Egypt in the years to come...There is a huge potential in sectors such as construction, agriculture, oil and gas, finance and tourism,'' Mr Mubarak said while addressing a business meeting, jointly organised by FICCI, ASSOCHAM and CII.

With a view to attracting the Indian companies, Mr Mubarak said the Egyptian Government will provide the incentives and all kinds of supports to the potential investors.

Meanwhile, Commerce Minister and Industry Minister Kamal Nath, welcoming Mr Mubarak, said Egypt has traditionally been one of India's most important trading partners in the African continent and it alone accounts for almost 40 per cent of India's trade with Northern Africa.

''I am confident that the two countries will be able to substantially increase the quantum of bilateral trade from the current levels of 2.5 billion dollars,'' he added, Indian biggies like Ranbaxy, Kirloskar, Dabur, Ashok Leyland and Essel have already their presence in Egypt.

The Egyptian President is accompanied by a high-level delegation including several ministers, senior officials and businesspersons and the focus of Mr Mubarak's visit will be on intensifying strategic and economic cooperation between India and Egypt.

During the visit, several agreements are expected to be signed.

Bilateral trade between India and Egypt touched 2.2 billion dollars in 2006 and the two countries are eyeing an ambitious target of achieving 10 billion dollars worth of bilateral trade by 2010.

UNI SBA SG AS1601

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