Egypt today sought more Indian investment in the country as prime minister Ahmed Nazif discussed the ways to increase the bilateral trade volume with Ramachandran Swaminathan, New Delhi's envoy to Cairo.
"Egypt and India are two key pillars of the developing world," Nazif told ambassador Swaminathan. "The Egyptian premier accentuated the importance of distinguished ties binding Egypt and India," said Magdi Radi, the official spokesman for the Egyptian Cabinet.
"The economic conditions of the two countries are alike to a great extent," said Radi, referring to similarities in reaction of both Egypt and India to the spillovers of a global financial meltdown.
Means of increasing the Egyptian-Indian trade volume as well as Indian investments in the country and improving quality of trade also figured in the talks, he added. "Indian investments in Egypt have increased in scope to include chemical and electronic industries," Radi said.
According to both sides, Indian investments should expand to other spheres such as renewable energy and pharmaceuticals, added the spokesman.
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