World Economy

Egypt Prospects Improving

Egypt Prospects ImprovingEgypt Prospects Improving

More than 100 of the top foreign investors in the world are looking towards east of Port Said in Egypt to invest in construction, says economic analyst Hosni Kholi.

 Kholi, in an interview on Al Ghad Al Araby TV, said that Egypt is a promising country in terms of gas production, especially after the recent discoveries in the Mediterranean, which will fulfill the country’s gas needs, AMEinfo reports.

Commenting on the agreement between Greece, Egypt and Cyprus to speed up talks to demarcate sea boundaries in the Eastern Mediterranean, Kholi confirmed that the impact of this agreement would soon be apparent as the region turns into an offshore natural gas hub.

Kholi explained that the trade exchange between Egypt and Greece reached roughly $1.5 billion, with the trade balance in favor of Egypt, pointing out that Greece is one of the advanced countries in tourism.

Meanwhile, Sanjay Bhattacharyya, Indian ambassador to Egypt, said that the trade exchange between Egypt and India reached nearly $3 billion.

During a meeting with the members of the chamber of commerce in Egypt’s eastern city of Ismailia, Bhattacharyya added that the governments of the two countries are working to increase the volume of two-way economic exchange and support the cooperation between the two countries, especially in the field of culture, stressing the long historical links between Egypt and India.

He explained that Ismailia and Suez Canal are focus areas for the Indian government due to their strategic geographical location near the giant Egyptian national project for the development of the Suez Canal.

The Indian envoy pointed to the existence of large Indian investments and projects in Ismailia for several decades in the framework of trade agreements between the two countries, and that there are ambitious prospects for more Indian investments in the region, especially in the fields of information and communications, renewable energy, small and medium enterprises and technology.