Egyptian President Morsi met with the heads of Tata Group on Wednesday morning in New Delhi, in an effort to encourage the India-based conglomerate to invest in Egypt.
The Tata delegation expressed great interest in investing in Egypt, and offered to send a team of technical experts "as soon as possible" to discuss the establishment of a solar cell-making factory in Egypt, state-owned news agency MENA reported.
The Indian behemoth comprises over 100 operating companies in communications and information technology, engineering, materials, services, energy, consumer products and chemicals. It has operations in more than 80 countries across six continents.
Tata Group is also looking to set up an automobile manufacturing facility and a hotel chain in Egypt, Minister of Investment Osama Saleh, one of several ministers accompanying Morsi on his three-day visit to the South Asian country, told India's Economic Times on Wednesday.
The Egyptian president promised to facilitate TATA's investments in the country, and encouraged other Indian companies to follow in its footsteps by investing in Egypt.
India is currently Egypt’s seventh largest trading partner, with trade between the two countries valued at $4.2 billion in the fiscal year ending in June 2012.