The Egyptian economy is on a robust growth trajectory and Indian business houses are optimistic about investment and trade opportunities in Egypt, Indian new ambassador to Egypt, Rahul Kulshreshth told Daily News Egypt.
The deep rooted and traditional relations between India and Egypt have been reinvigorated through several high-level bilateral exchanges in recent years, said the ambassador.
“Our governments continue to engage closely, and the increased number of official visits point to the keenness on both sides to take the relationship forward,” added Kulshreshth noting that the latest is the series was the visit of Sameh Hassan Shoukry, minister of foreign affairs to New Delhi in March for the Seventh Session of India-Egypt Joint Commission Meeting.
“The economic and commercial component of our bilateral ties receives particular attention,” said the ambassador adding that Indian investments in Egypt stand at about $3bn.
“As before, relations at the people to people plane whether it is cultural exchanges or tourism are added enriching elements that also play an important role in strengthening the bonds of friendship and bringing our countries closer,” mentioned the ambassador.
The ambassador explained that the Indian Prime Minister Narendra Modi noted in his address at the Parliament of Uganda that this century is for India and Africa to build together, said that, “the India-Egypt relationship will have a defining role in achieving this objective as well.”
On July, Modi said that his country’s development a partnership with Africa, which currently includes the implementation of 180 Lines of Credit, worth about $11bn in over 40 African countries.
“At the last India Africa Forum Summit, we had committed a concessional Line of Credit of $10bn, and $600mn in grant assistance,” said Modi during his visit to Uganda’s Parliament.