Modi in Egypt: India may invest in Suez Canal Economic Zone
Virendra Pandit
New Delhi: Prime Minister Narendra Modi, who reached Cairo on Saturday, is likely to discuss India’s possible investments in the Suez Canal Economic Zone, where the African nation plans to offer land for Indian companies to set up their units.
PM Modi’s two-day State Visit to Egypt at the invitation of President Abdel Fattah El-Sisi is also the first bilateral visit by an Indian PM since 1997.
During his first visit to Egypt, he will hold meetings with Egyptian President Abdel Fattah El-Sisi and Prime Minister Mostafa Madbouly. He is also likely to interact with senior dignitaries from the Egyptian government, prominent Egyptian personalities, and the Indian community.
The Ministry of External Affairs (MEA) said PM Modi, who just concluded his four-day State Visit to the US, will meet the Grand Mufti of Egypt. He will also visit the 11th Century Al-Hakim mosque, restored with the help of the Dawoodi Bohra community.
During the January 2023 India visit of President El-Sisi, who was the chief guest at the Republic Day Parade in New Delhi, the bilateral joint statement stated that Egypt plans to offer a special area of land in its Suez Canal Economic Zone for Indian companies to set up their units.
“…the Egyptian side considers the possibility of allocating a special area of land for the Indian industries in the Suez Canal Economic Zone (SCZONE), and the Indian side can arrange for the master plan,” the statement noted.
The Chairman of SCZONE, Waleid Gamal, is touring India this week with a delegation to scout for investments. “This visit aims to deepen the cooperation with India to establish various Indian projects within SCZONE- ports and industrial zones, following the visit of President Abdel Fattah El-Sisi to India in January,” the SCZONE said.
The two leaders also decided to upgrade Indo-Egypt relations to the level of ‘Strategic Partnership’ covering political, security, defense, energy, and economic areas.
“By doing so, the two sides seek to maximize the common interests and exchange support in a bid to overcome the difficulties caused by various consecutive crises and challenges the world is facing,” the joint statement said.
PM Modi will also visit the Heliopolis Commonwealth War Grave Cemetery in Cairo, a solemn site that serves as a memorial to nearly 4,000 Indian soldiers from the British-Indian Army who served and perished in Egypt and Palestine during World War I (1914-18).
Before he emplaned for Egypt, US Vice President Kamala Harris and Secretary of State Antony Blinken hosted a luncheon for PM Modi at the State Department.
