(MENAFN- Daily News Egypt) Indian companies wish to increase their participation and investments in Egypt's energy sector, especially in renewable energy, according to Subba Ramesh, Second Secretary of the Indian Embassy in Egypt.
Ramesh told Daily News Egypt that Indian companies are participating in the forum entitled 'The Future of Energy in Egypt', taking place between 31 August and 1 September in Cairo, to look into new investments in this sector. He added that energy companies working in Egypt are based in non-key projects, with funding for these projects coming from the World Bank through an Egyptian Ministry of Electricity project.
Ramesh noted that there are Indian companies working in Egypt through bank funding and other financial institutions.
"There are 50 Indian companies in Egypt in different sectors, with 25 investors and 25 joint ventures and press relations working through the Egyptian agents. Their investments are close to $3.1bn," Ramesh said. "Indian companies and investors did not receive an invitation to participate in the Euromoney conference."
He pointed out that Indian companies are interested in the Egyptian market, especially the energy and power sectors.
Salwa Abdul Aziz, Head of the Egyptian Business Council of India, said that major Indian companies are looking to enter into the Egyptian market in energy, housing, oil refining, car production, rubbish recycling, roads, bridges and other fields.
Over the past two months, Indian officials have visited Egypt to discuss the strategic economic cooperation between the two countries.
India's Minister of External Affairs Sushma Swaraj visited Egypt on 24 August and met with President Abdel Fattah Al-Sisi. During her meeting with Al-Sisi, Swaraj said that India is keen to make use of economic and logistical opportunities in Egypt, and enhance cooperation in information technology and pharmaceuticals.
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