Indian investors can tap Egypt's textile, ICT sectors: Envoy

Indian investors can explore a number of high potential sectors in Egypt like textiles, Information and Communication Technology, and wind and solar energy, the Egyptian envoy to India said here on Tuesday.

Among other sectors which the Indian companies can tap are finance, logistics, tourism, agriculture, medical tourism, retail, construction and education, according to Egyptian Ambassador to India Hatem Tageldin.

Participating in an interaction at the MCC Chamber of Commerce and Industry, he said the two countries are looking at the possibilities of starting a direct flight from Cairo to New Delhi.

He said the tourist flow from India to Egypt rose by by 28.3 percent, though there was scope for more growth.

Refering to the Special Economic Zone developed by his country at the Suez Canal Corridor, Tageldin said the mega project would make Egypt a logistic hub for the whole region, giving investors access to the Middle East, the European and the African markets.

The ambassador invited Indian companies to develop an Indian industrial city beside the Suez Canal corridor.

Another Egyptian official said Cairo has proposed six agreements to facilitate trade with India.

Once these pacts are concluded, trade between the two countries would reach $7-8 billion over the next three-four years.

Titagarh Wagons will invest $500 million in a wagons manufacturing unit in Egypt soon, the official said.