Huge potential for Indian companies to invest, diversify in Egypt: Ambassador

Speaking at a session organised by the Southern India Chamber of Commerce and Industry (SICCI) and The Madras Chamber of Commerce & Industry (MCCI), Bhattacharyya said, “There are about 50 enterprises of Indian origin that are present in Egypt today. The total investment is about US$3 billion. The largest by far is the Sanmar group’s, who have a $1.2 billion chemical factory in Port Said, Egypt, which is the largest of its kind in the region.” 

Talking about the contribution of Indian firms in the region, he tells us, “The Indian investment in Egypt encompasses a spectrum of items. A majority of them are in the chemical industry in terms of the investment. In terms of employment – Indian industries employ as many as 35,000 Egyptians. A large section of it comes from the textile and garment industry.” He adds, “Traditional brands like Kirloskar, have been serving parts of Egypt with their water pump solutions, for close to 60 years. Household brands like Dabur and Marico have also been present here for a long time. Lots of project implementations take place here, like electrical transmission and speciality chemicals among others.” 

In terms of trade, India had reached a peak of about five and a half billion dollars in 2012-13. But off late owing to the downturn in the global economic situation, and drop in prices of oil, there has been a decline, shares Bhattacharyya. “However, there is a huge potential for both trade expansion diversification and two-way investments. At present there are only three Egyptian companies that have operations in India.” 

Bhattacharyya tells us, “We recently had a Make in India seminar a few months ago in Cairo. It was very well received and some high value entrepreneurs are looking at opportunities in India. Egypt has been able to tide over its political turmoil in a very competent manner. The present government has provided political stability, economic reforms and very serious structural reforms.” Egypt is very important transit point for the Arab, European and African market. Egypt has duty free access for products produced locally. Indian firms that get into the Egyptian market get the same advantage too.