Egypt offers India an industrial zone along Suez Canal

INDIA-EGYPT

Nishikant Dwivedi
Cairo, Oct 29 (PTI) Egypt Thursday offered India an
exclusive industrial area in the Suez Canal Development Zone,
located on the north-west coast of the Gulf of Suez that links
Europe and Asia.

India is the first country to which Egypt made this rare
offer, Commerce and Industry Minister Anand Sharma said after
meeting with Prime Minister Ahmed Nazif here.
"Nazif offered us to establish an India Industrial zone
in the Suez Canal Development Zone. This is a significant ...
as India is the first country to be offered such a big
industrial initiative," Sharma said.
The Suez Canal Development Area (SIDC) is of strategic
importance as the Suez Canal, connecting the Red Sea in the
Indian Ocean and the Mediterranean Sea in Europe, is a transit
route for almost one-third of the global trade.
As per the offer, the Indian companies can set up joint
ventures with the local firms and these could be located in
the SIDC. Such an industrial zone would help find Indian
companies easy market access to Europe and Africa, he said.
In his meeting with Nazif, Sharma discussed ways to
enhance bilateral trade which was USD 3.75 billion in 2008-09.
Sharma, who also met his Egyptian counterpart Rachid
Mohamed Rachid said, "We looked at areas where we can expand".
India has a total investment of about USD 750 million in
about 40 projects in the north western African country. The
groups present in Egypt include Tatas, Dabur, GAIL, Mahindra
Satyam (formerly Satyam Computer) and Wipro. (MORE) PTI NKD
AM


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