New Delhi, Oct 17 (NationPress) Egyptian Foreign Minister Badr Abdelatty emphasized that the Suez Canal Economic Zone (SCZONE) presents a significant investment opportunity for Indian businesses. He mentioned that Egypt is eager to establish an Indian industrial zone near the Gulf of Suez, located to the north-west of the Red Sea.

"We currently have dedicated industrial zones for China and Russia in this area, and we are keen to develop a similar zone for India alongside the Suez Canal Economic Zone. We are offering numerous incentives and support to Indian firms, and we must highlight that we have access to a vast market," Abdelatty stated during discussions with select journalists in New Delhi.

On his inaugural visit to India as Foreign Minister, Abdelatty conducted the First India-Egypt Strategic Dialogue with External Affairs Minister S. Jaishankar on Thursday.

Cairo is promoting the Suez Canal region's development axis, which encompasses multiple industrial and logistical zones, as a prime opportunity for Indian investors.

"A key part of my discussions here was to encourage greater Indian investment in Egypt. I engaged with CEOs from six to ten companies yesterday and will be meeting more today because we highly value Indian investment and the trade volume between our nations," he remarked. He later met with Prime Minister Narendra Modi.

"Beyond just the Egyptian market, which has a population of 120 million, including 110 million Egyptians and 10 million refugees, this is a substantial market. Additionally, we have Free Trade Agreements with several blocs, including the African Continental Free Trade Agreement, the Arab Free Trade Agreement, and the Association Agreement with the European Union," he added.

The SCZONE is strategically situated along the main international maritime route of the Suez Canal, which links Europe and North Africa with Asia through the Arabian Gulf, facilitating a significant portion of global trade.

Abdelatty highlighted that Egyptian President Abdel Fattah El-Sisi has directed the government to create a favorable environment for Indian companies to operate in various sectors, including traditional industries like chemicals and pharmaceuticals, as well as emerging sectors like digital technology, artificial intelligence, and renewable energy.

"Indian firms are showing interest in producing green ammonia and green hydrogen, as Europe aims to import 10 million tonnes of each annually. India's role is crucial, and we have extended our invitation to collaborate," he noted.

Egypt aspires to position the SCZONE as a key logistics hub in the region. However, the ongoing conflict between Israel and Hamas since October 2023 has significantly impacted these plans.

"Connectivity is vital, and Egypt is central to any connectivity initiatives due to our strategic location and the Suez Canal. We are open to participating in projects linking East and West, the Mediterranean and Southeast Asia, as well as Gulf nations," Abdelatty explained.

He continued, "The India–Middle East–Europe Economic Corridor (IMEC) is an important initiative, but recent escalations could obstruct collaboration and regional connectivity. It’s essential to foster a conducive atmosphere for these projects to flourish. We discussed the IMEC with our Indian partners and support all connectivity endeavors, as Egypt is a strategic hub for such initiatives."