India and Egypt 'should expand trade relations'

November 18 2008 | Category: India: Economy and finance

There is huge potential for the emerging economies of India and Egypt to expand their bilateral trade, it has been claimed.

Speaking at the Business Session, Shri Kamal Nath, union minister of commerce and industry, welcomed the Egyptian proposal of establishing an industrial zone in Egypt exclusively for Indian companies.

He added: "Companies like Ranbaxy, Kiroloskar, Dabur, Ashok Leyland and Essel already have an investment presence in Egypt. I am sure that with these investments, India could well emerge among the top ten foreign investors in Egypt."

Mr Kamal Nath went on to say possible areas of cooperation and growth between the two countries include the steel, construction and agricultural equipment sectors, and the pharmaceutical, tourism and information technology industries.

The World Economic Forum's 24th India Economic Summit is currently being held in New Delhi and will run until tomorrow (November 18th).

Four modern fiscal themes are being focussed on at the event - global shifts, managing risks, inclusive growth and future competitiveness.
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