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Egyptian President Abdel Fattah al-Sisi heads to India amid investment push

Egypt is trying to drum up foreign investment as it tries to manage a dollar shortage that has led to a sharp depreciation of the Egyptian pound

Topics
Egypt | India-Egypt | Abdel Fattah al-Sisi

Reuters  |  CAIRO 



Egypt's President Abdel Fattah al-Sisi (Photo: Twitter/@AlsisiOfficial)
Egypt's President Abdel Fattah al-Sisi (Photo: Twitter/@AlsisiOfficial)

CAIRO (Reuters) - Egyptian President begins a visit to India on Wednesday where he will meet business leaders and be a guest of honour at India's Jan. 26 Republic Day.

The trip will include discussions on strengthening economic relations between the two countries and reviewing opportunities for Indian investment in Egypt, a statement from the Egyptian presidency said.

is trying to drum up foreign investment as it tries to manage a dollar shortage that has led to a sharp depreciation of the Egyptian pound.

Last year it sought help from energy-rich Gulf allies and the International Monetary Fund after the economic fallout from the war in Ukraine exacerbated its underlying challenges.

Cairo has also been seeking to forge political and trade ties beyond its traditional alliances with the United States and European powers, including in sub-Saharan Africa and Asia.

 

(Reporting by Aidan Lewis; Editing by Christina Fincher)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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First Published: Tue, January 24 2023. 15:47 IST

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