Indian industries might get land from Egypt in Suez Canal Special Economic Zone

In an effort to deepen economic and trade ties with India, Egypt is considering allocating a special area of land for Indian industries in the Suez Canal Economic Zone (SCEZ). This proposal is part of India’s efforts to encourage its companies to take advantage of investment opportunities in Egypt, which is currently valued at more than $3.15 billion.

In a joint statement issued at the end of talks between Prime Minister Narendra Modi and the Egyptian President Abdel Fattah El-Sisi, Egypt welcomed more Indian investments and promised to offer incentives and facilities as per the laws of the land. India will arrange for the master plan for this special area of land.

Egypt is an important gateway to markets in Africa and Europe, and is also a key player in the politics of the Arab and African regions. The offer made by Egypt to allocate a special area of land for Indian industries in the Suez Canal Economic Zone (SCEZ) is significant for India to expand its investments in Egypt.

Egypt is strategically located and has significant economic potential, making it a central country in Arab and African politics. Enhancing relations to strategic partnerships is important for refreshing long and historical relations and replicating Indian foreign policy successes with other Arab and Middle Eastern countries.

Both countries also discussed food and fertilizer security, with India’s private sector and industry keen to cooperate in the food processing sector. Trade in rice, especially non-basmati rice and other food products, constitute an important segment of cooperation in the agriculture sector between the two countries.

Bilateral trade between the two countries is currently at a record high of $7.26 billion in 2021–22, and both countries are targeting a bilateral trade of $12 billion within the next five years by diversifying the trade basket and focusing on value addition.

In conclusion, the offer made by Egypt to allocate a special area of land for Indian industries in the Suez Canal Economic Zone (SCEZ) is a significant step towards strengthening economic and trade ties between the two countries. The potential for cooperation in the agriculture and food processing sectors, as well as the strategic location of Egypt, make this partnership a valuable opportunity for both countries.