Eepc Targets $400 M Engg Goods Export To Egypt

The Engineering Export Promotion Council (EEPC) has shortlisted Egypt to boost export of engineering goods this year. EEPC is hoping to grab an export market share of $400 million by 2004 in Egypt against the current $120 million.

EEPC, which is the country's leading engineering goods export council, with $ 4.6 billion worth of exports during 1999-2000, will hold India Tech-2000 at Cairo from September 23 till 26, 2000. EEPC expects to register engineering goods exports worth $5.3 billion during the current fiscal.

Egypt currently imports $6 billion worth of engineering goods annually, of which India's current share is a paltry at 74 per cent. But export of engineering goods from India to Egypt has registered an average growth rate of 60 per cent during the last three years and is the largest market for Indian engineering products in North Africa.

 

Announcing the exhibition, former chairman of the Organising Committee of India Tech M C Shah said, "We are expecting to enlist participation of over 115 companies from the engineering sector, while the Electronics & Software Export Promotion Council would bring at least another 25 companies." The department of telecommunications (DoT) will also participate in the exhibition.

"Egypt has been chosen for this event for the strategic location connecting North Africa and West Asia, which would provide an opportunity to the participating Indian firms to interact with overseas buyers from other countries like Libya, Sudan, Jordan, Syria and Saudi Arabia," Shah said.

Shah said Egypt had maintained an economic stabilisation policy since 1991 which had resulted in low inflation, growth in foreign currency reserves, stable currency and a solid balance of payment situation.