Arab Finance: Minister of Investment and Foreign Trade Mohamed Farid held talks with representatives of 30 Indian companies operating in Egypt to discuss their expansion plans, according to a statement.
The officials reviewed challenges facing the companies operating in Egypt and explored solutions in coordination with relevant authorities as part of the state’s efforts to improve the business climate and attract more foreign direct investment (FDI).
Indian investments in Egypt currently stand at $1.26 billion, while bilateral trade between the two countries amounts to around $4.2 billion, as per data from the General Authority for Investment and Free Zones (GAFI).
Farid said the ministry is implementing reforms to improve the business climate, including launching a unified digital platform that will provide investors with a one-stop shop for licensing and government services, reducing procedures, costs, and processing times.
The government is streamlining capital increases as well as mergers and acquisitions (M&A) procedures to support investment, expand production capacity, and maximize the benefits of Egypt's trade agreements.
In the same vein, Farid noted that the ministry's TradeTech Sandbox initiative will leverage AI-powered tools to help exporters identify promising export markets.
These reforms come as several Indian companies expand their operations in Egypt, including CI Sanmar, whose industrial complex in Port Said exports products to around 35 countries.
During the high-level meeting, Flex Films Egypt (UFlex) said its investments in the country have grown to over $600 million from about $40 million since launch, running businesses across 6th of October City, 10th of Ramadan City, and the Suez Canal Economic Zone (SCZONE).
Moreover, Galaxy Chemicals Egypt pointed out that its annual exports total around $120 million, accounting for 75% to 80% of its total production.
Ocior Energy is advancing a green hydrogen and ammonia project starting at $500 million, with later phases exceeding $1 billion. Indorama Fertilizers is developing a $550 million export-oriented fertilizer complex in the SCZONE.
