Indian Economy News

India-Egypt to strengthen their Suez Zone ties

  • IBEF
  • January 27, 2023

In a joint statement between Egypt and India, Egypt has expressed the possibility of exploring land allocation to the Indian industries at the Suez Canal Economic Zone. The statement also said that India can arrange for the master plan. India's commitment to encouraging companies to explore their potential in overseas investments and also use the present investment opportunities in Egypt was also mentioned in the joint statement.

The Egyptian President, Mr. Adbel Fattah El-Sisi, and the Prime Minister of India, Mr. Narendra Modi discussed a wide range of topics and issues related to bilateral, regional, and global issues, and the two nations have also reaffirmed their commitment to the founding values of the Non-Aligned Movement (NAM).

The Suez Canal connects the Mediterranean Sea with the Red Sea and is one of the world's biggest trade routes. It holds significant importance for the Indian trade, as out of the total 4.8 million barrels per day of crude oil shipped through the canal, about 500,000 barrels per day of crude is shipped to India.

Additionally, India and Egypt have also vowed to nurture their cultural and social ties by working to promote and safeguard basic principles through regular consultations and bilateral and multilateral coordination. The two countries also expressed their concern about the increasing terrorism and called for a ‘zero tolerance’ for terrorism.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.