NEW DELHI: Egypt is rolling out the red carpet for India Inc to invest in the Suez Canal Economic Zone, as it expects the bilateral trade to nearly double to USD 8 billion by 2022.

 

The Arab nation is also in talks with New Delhi to establish an India Economic Zone at the Suez Canal Economic Zone, on the models of the ones established by Russia and China and is looking at asset-light industries like food processing, packaging and IT, Egyptian Ambassador Heba Salaheldin Elmarassi said.

 

India Inc led by over 50 companies have already invested over USD 3 billion across Egypt, she said, adding while companies from there have invested around USD 150 million here. "Indian companies are welcome to explore emerging investment opportunities in the economic zone, especially in sectors like chemicals, petrochemicals, pharma, textiles, and auto & auto components among others," Elmarassi said at an event organized by the industry lobby CII.