THE “MADE IN INDIA” (MII) SHOW will be held on 25 – 28 November 2007 at Cairo, Egypt.
Egyptian economy has been registering impressive growth rates in recent years. The country has witnessed sweeping economic reforms, especially in the areas of taxation and reduction of custom duties. A major exercise in reforming the banking sector is underway.
The government has been wooing foreign direct investment, which has been witnessing substantial rise. Egypt has managed its external debt and debt servicing in an exemplary manner in recent years. Unlike in the rest of the Arab world and the Middle-East, English is widely spoken among the business class and the Government is proactively engaged in liberalizing the economy.
Egypt has several advantages on its foreign trade front. It is a member of the Common Market for Eastern and Southern Africa (COMESA). Through the Partnership Initiative and neighborhood policy of the European Union, Egypt enjoys preferential access to European Union Market.
The Qualified Industrial Zone (QIZ) scheme enables quota-free access to the United States with a minimum input (FOB 11.7%) imported from Israel.
Trade between India and Egypt has been increased steadily in the recent years, crossing the $ 1 billion mark in 2005. Indian investments currently at $400 million are poised to increase to a minimum of $ 1.2 billion in the next 2-3 years. Some of the major Indian groups are already present in Egypt. There is a growing interest in Egypt in expanding commercial ties with India.
However, there is no sufficient awareness among the Egyptian business community about the phenomenal progress achieved by Indian industry in the last decade. There is also lack of awareness among Indian manufacturers and exporters about he potential of the Egyptian market. Egypt represents not only a domestic market of 75 million people but provides a gateway to the Middle-East, Southern Europe and Africa.
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Confederation of Indian Industry
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