The agreement was reached during a meeting in New Delhi on Thursday between Egyptian Minister of Foreign Affairs Badr Abdelatty and leaders of India’s top business federation and major industrial companies.
Those leaders include FICCI President Harsh Agrawal and UFLEX Group Chairman Ashok Chaturvedi.
The meeting focused on attracting new investments and strengthening Egypt’s role as a gateway to global markets.
During the meeting, Abdelatty underscored Egypt’s readiness to attract further Indian investment, currently valued at around $4 billion across 55 companies, and to forge industrial integration in key sectors such as food security, ICT, healthcare, pharmaceuticals, water desalination, renewable energy, textiles, automotive components, and chemicals, according to a Foreign Ministry statement.
Abdelatty highlighted Egypt’s commitment to building strong industrial partnerships with Indian companies and positioning the country as a launchpad for access to international markets, supported by its extensive network of free trade agreements with Arab, African, European, Latin American (Mercosur), and Turkish markets.
He also underscored the Egyptian government’s efforts to create a more competitive and transparent investment climate through institutional and legislative reforms, streamlined procedures, and an improved business environment, while strengthening the private sector's role as a key partner in national development.
The minister noted that existing bilateral agreements on investment promotion and protection, as well as the double taxation avoidance agreement, provide Indian companies with clear incentives to expand their operations in Egypt.
He proposed holding a meeting soon with Indian companies already operating in Egypt, in coordination with relevant ministries, to explore new areas of partnership.
The discussions also covered the outcomes of the Egypt-India Strategic Partnership Agreement, particularly in the field of trade in strategic commodities vital for food security. Both sides aim to mitigate the global food crisis through enhanced cooperation and joint investments.
Earlier in the day, Abdelatty met with Ashok Chaturvedi, chairman of UFLEX Group, the world’s leading flexible packaging company and the second-largest Indian investor in Egypt, with total investments exceeding $350 million.
According to a separate Foreign Ministry statement, Abdelatty welcomed UFLEX’s plans to expand by establishing a new factory in Ain Sokhna, highlighting Egypt’s strategic location and incentives for industrial growth.
The minister reaffirmed Egypt’s commitment to supporting all foreign investors by facilitating their operations and resolving any challenges they face. This includes streamlining visa procedures for company executives and providing direct government support to major international investors.
Egypt and India share a historic partnership dating back to the Non-Aligned Movement, co-founded by Presidents Gamal Abdel Nasser and Jawaharlal Nehru in the 1950s.
Over the decades, their relationship has evolved into a strategic partnership encompassing political, economic, defence, and cultural cooperation.
In January 2023, President Abdel-Fattah El-Sisi paid a state visit to New Delhi as the chief guest at India’s Republic Day celebrations, marking a new era of high-level engagement. The visit elevated bilateral ties to a strategic partnership, covering cooperation in politics, security, defence, energy, trade, and culture.
On the economic front, India is among Egypt’s top ten trading partners, with bilateral trade exceeding $6 billion in 2024.
Egypt’s main exports to India include crude oil, fertilizers, chemicals, and fruits, while imports from India consist of engineering goods, machinery, textiles, pharmaceuticals, and food products.
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