A photo showing Ahmed Samir, Minister of Trade and Industry during the twenty-first annual forum of the Federation of Indian Real Estate Developers Associations. (Photo courtesy: Cabinet s official Facebook page)
Samir’s remarks, on behalf of Prime Minister Mostafa Madbouly, came during the 21st annual forum of the Confederation of Real Estate Developers’ Associations of India held in Sharm El-Sheikh.
Samir confirmed that both countries are linked by long historical relations based on bilateral ambitions to maintain economic and social development and boost cooperation in various fields, especially trade, investment, and cultural exchange.
"Egypt has implemented several steps to attract more foreign direct investments (FDI) in the real estate development sector including establishing investment zones, issuing regulations and rules, and accelerating settling disputes," he noted.
He also stressed Egypt's commitment to improve efforts for enhancing the business climate in this vital sector through providing transparency, simplifying procedures, and promoting investment opportunities.
During the forum, Samir noted that the Egyptian real estate sector represents more than 20 percent of GDP, as it plays a pivotal role in economic development.
The trade exchange between Egypt and India recorded $6 billion in 2022, compared to $5.3 billion in 2021, reflecting a 13.7 percent increase, according to the data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) in June.
Meanwhile, Egypt's exports to India amounted to around $1.9 billion in 2022, decreasing by 6.5 percent from $2 billion in 2021, while Egyptian imports from New Delhi increased to $4.1 billion in 2022 up from $3.2 billion in 2021.
The most significant commodities exported by Egypt to India in 2022 were mineral fuels, mineral oils and their distillation products, fertilizers, inorganic chemical products, salt, sulfur, and cotton.
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