India to invest upto $ 1.5 bln in Egypt by 2009

New Delhi, Nov 18 (UNI) Seeing economic viability of Egypt, a gateway to the West Asia and North Africa, the Indian investments in the large consumer market is expected to soar upto 1.5 billion dollars by 2009.

At present, India is the 12th largest foreign investor in Egypt with a total investment of about 700 million dollars in close to 40 projects.

To promote the Indian brands in the region, a four-day exhibition ''Man In India'' (MII) to be held at Cairo from November 20-23 will be inaugurated by Egyptian Minister of Trade and Industry Eng Rachid Mohamed Rachid and Commerce Secretary (DIPP) Ajay Shankar.

''MII is an initiative to promote 'Brand India' and the Indian industry overseas, specially in developing and under developed countries with the Indian population and demand for Indian products and technologies,'' said a statement.

A 20-member delegation will be sent to Egypt led by Mr Rajive Kaul, Past President, CII and Chairman, NICCO Corporation. It will call on the Egyptian ministers of economy, industry and trade, health and IT and interact with the senior businessmen, it said.

The exhibition will showcase the products of over 100 corporates, both from the public and private sectors with names like Alexandra Carbon Black, CMC (Dubai), Godrej Consumer Products, Kirloskar Brothers, Tata Chemicals, Tata International, Tata Motors, Tata Projects, The Indian Hotels Company Ltd.

The exhibition is being organised by industry chamber Confederation of Indian Industry (CII) in association with the Embassy of India.

India, Egypt's third largest trading partner after the US and Italy, had a bilateral trade of 2.5 billion dollars during the financial year 2006-07.

UNI