Morsi visiting India to boost trade and tourism ties
Egyptian President Mohamed Morsi began his India visit with a ceremonial welcome at the presidential palace in New Delhi on Tuesday.
Morsi is leading a high-level delegation of business leaders and ministers, including the ministers of communications, information technology, trade, commerce and investment.
Bilateral trade between the countries has increased significantly in the recent years in spite of the political transition in Egypt and currently stands at USD 5.5 billion.
Morsi is due to hold bilateral discussions with Indian Prime Minister Manmohan Singh later in the day and the two sides are expected to sign deals to further deepen and diversify the growing bilateral trade and investment.
Morsi will also address a meeting of leading Indian businessmen to woo investments.
India is Egypt’s seventh largest trading partner and second largest source of its exports.
More than 50 Indian companies have presence in Egypt in various sectors and the cumulative Indian investments in Egypt are more than USD 2.5 billion.
Trade in Indian two-wheelers, petrochemicals, biotechnology, information technology, healthcare products and other goods will all be discussed, Indian officials said.
One key irritant in relations has been Egypt’s refusal to support India’s longstanding bid for a permanent seat on an expanded U.N. Security Council.
Mursi visited Pakistan on Monday and held talks with his Pakistani counterpart, Asif Ali Zardari, Prime Minister Raja Pervez Ashraf and others.
Pakistani president urged his Egyptian counterpart Mursi to help efforts to end the “bloodshed” in Syria and find a solution to the crisis.
Zardari made the remarks during talks with Mursi who arrived in Pakistan as he works to promote trade and investment in Egypt’s troubled economy.
- Tunisian, Moroccan Chambers of Commerce meet to discuss economic partnership
- Winter wonderland: Dubai debuts Aspen Chalets with view of Ski Dubai
- Egyptian economic experts predict inflation rate will continue to climb
- Shoura Council: Expats cannot buy property in Mecca, Medina, Riyadh
- Tensions increase between Egypt, Italy over renewable energy projects