Indo-Egypt trade ties should be strengthened: Nabeela Salama

Mumbai, Apr 20 (UNI) Consul General of Arab Republic of Egypt here today said bilateral co-operation between Egypt and India should be strengthened in order to drive maximum benefits of the free trade policy.

She was speaking at a seminar 'India-Egypt trade and Economic Co-operation' organised by All Indian Association of Industries where Ms Salama asserted that Egypt has traditionally been one of India's most important trading partners in the African continent.

The trade between two countries has been in operation since March 1978 and is based on the most favoured nation clause. India ranked first among Egypt's export destinations for the year 2006.

AIAI Executive Director Rupa Naik, while elaborating on the business ties between the two countries lauded the efforts of the Egyptian government by saying ''Egypt's pro-business government is undertaking a dynamic approach to attract investment that enables investors to operate profitably in the country.'' General Authority for Investment and Free Zones of Egypt Vice Chairman Mahmoud Attala reiterated success stories of several foreign companies, who had set their shop in Egypt.

India is the 12th largest foreign investor in Egypt with a total investment of approximately USD 400 million in about 40 projects.

India-Egypt joint commission has been set up by the two countries to promote and expand bilateral co-operation in agriculture, economy, trade, industry, education, tourism affairs and information technology.

UNI