Egypt may allocate land to Indian industries in Suez Canal Economic Zone

Egyptian side considers the possibility of allocating a special area of land for Indian industries in the Suez Canal Economic Zone, the Indian side can arrange for the master plan, says the statement

India and Egypt have reaffirmed their commitment to Non-Aligned Movement's (NAM) core values, international law, and the sovereignty and territorial integrity of all states, according to a joint statment released on Thursday.

The statement comes a day after Prime Minister Narendra Modi and visiting Egyptian President Abdel Fattah El-Sisi held wide-ranging talks covering bilateral, regional and global issues of mutual interest.

Regarding the economic ties, the statement said that the Egyptian side is considering the idea of designating a special area of land for Indian enterprises in the Suez Canal Economic Zone (SCEZ). It added that the Indian side can arrange for the master plan.

"In this context, the Egyptian side considers the possibility of allocating a special area of land for the Indian industries in the Suez Canal Economic Zone (SCEZ), and the Indian side can arrange for the master plan," it said.

Suez Canal is one of the busiest commerce routes in the world, which links the Red Sea and Mediterranean Sea. Every day, the canal facilitates about 12 per cent of world trade.

According to the statement, India will encourage its companies to take advantage of the investment prospects in Egypt.

The Egyptian president who is in India for a three-day visit attended the Republic Day festivities on Thursday as the chief guest.

The two leaders assessed the status of their bilateral relationship based on the pillars of deeper economic engagement, stronger scientific and academic cooperation, and increased cultural and interpersonal exchanges, according to the joint statement.

(With agency inputs)