Egypt considering allocating land to Indian industries in Suez Canal Economic Zone

PTI

New Delhi, January 27

India and Egypt have reaffirmed their commitment to the founding values of the Non-Aligned Movement (NAM), international law and respect for the sovereignty and territorial integrity of all states.

It was mentioned in a joint statement released on Thursday, a day after Prime Minister Narendra Modi and visiting Egyptian President Abdel Fattah El-Sisi held wide-ranging talks covering bilateral, regional and global issues of mutual interest.

On economic ties, the statement mentioned that the Egyptian side is considering the possibility of allocating a special area of land for the Indian industries in the Suez Canal Economic Zone (SCEZ), adding that "the Indian side can arrange for the master plan".

The Suez Canal, connecting the Mediterranean Sea with the Red Sea, is one of the world's busiest trade routes. About 12 per cent of the global trade passes through the canal each day.

The statement said India would encourage its companies, which have the potential to establish overseas investments, to make use of the available investment opportunities in Egypt.

"In this context, the Egyptian side considers the possibility of allocating a special area of land for the Indian industries in the (SCEZ) and the Indian side can arrange for the master plan," it said.

The Egyptian president, who arrived here on a three-day visit on Tuesday, attended the Republic Day celebrations as the chief guest.