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Envoy: India To Invest $700m In Egypt | |
| Staff Writer |
Indian companies are implementing several projects in Egypt, including in renewable energy
amounting to about $700 million in the coming few years, New Delhi’s ambassador to Cairo has said. Ajit Gupte told a meeting of Egyptian and Indian businessmen in Cairo that Indian investments in Egypt currently stand at $3.15 billion.
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Larsen & Toubro implemented the Toshka 2 — Wadi Halfa project for the transmission of electricity with a capacity of 220 kilovolts. Sterling & Wilson has also built solar power plants with a total capacity of 250 MW in five projects in Aswan, at a value of $250 million.
Vatek Wabag is currently implementing 10 water treatment projects in Egypt for the benefit of a number of Egyptian institutions, bringing the total number of the company’s projects to 20 which are just few of the important projects undertaken.
Gupte has invited Indian companies to invest in Egypt and benefit from the various free trade agreements concluded by Egypt with companies and regional trade blocs.
Pharmaceuticals, chemicals, medical devices, renewable energy projects, fertilizers and construction equipment are potential areas that Indian companies can consider investing in to expand their presence in the world.
The envoy has also extended an invitation to Egyptian companies to consider investing in India, especially in the food industry, information and financial technology, engineering equipment, and auto parts.