Growing India-Egypt ties open doors for collaboration in EV, renewables, fintech

New Delhi, Oct 18 (IANS) The strategic dialogue between India and Egypt will enhance bilateral partnership amid “immense potentials” for collaboration in electric vehicles, food security, defence, technology, and start-ups, according to a new report.

There are immense potentials in improving relations, including in the emerging and niche areas such as startups, renewable energy, AI, fintech, electric vehicles, food security, etc. Investments, energy and defence ties are the most important areas for cooperation, Muddassir Qamar, associate professor at the Center for West Asian Studies at Jawaharlal Nehru University, was quoted by Arab News as saying in its report.

Egypt is keen for investment by Indian companies in to meet local market needs and expand exports, particularly through the Suez Canal Economic Zone, which offers extensive investment incentives and various tax and customs exemptions.

India and Egypt are seeking further cooperation in startups, fintech, cyber and artificial intelligence, Minister of External Affairs S. Jaishankar said after the two countries held their first strategic dialogue on Thursday.

Egyptian Foreign Minister Dr Badr Abdelatty arrived in New Delhi for a two-day visit, during which he co-chaired the inaugural India-Egypt Strategic Dialogue with Jaishankar.

EAM Jaishankar appreciated the intensified collaboration since the establishment of the India-Egypt Strategic Partnership in 2023. He noted that both sides discussed enhancing cooperation in political, economic, defence, maritime, and counterterrorism areas.

Anil Trigunayat, a former ambassador who has served on Indian missions in the Middle East and Europe, told Arab News that both sides agreed to explore possibilities in digital public infrastructure, fintech, pharmaceuticals, start-ups, and innovation, as well as investments in renewables.

Citing the Suez Canal Economic Zone (SCZONE) as a major investment opportunity for Indian companies, Egyptian Foreign Minister Abdelatty said that the transcontinental nation is keen to have an Indian industrial zone alongside the Gulf of Suez, north-west of the Red Sea.

--IANS

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