Egyptian President Abdel Fattah al-Sisi heads to India amid investment push

Egypt is trying to drum up foreign investment as it tries to manage a dollar shortage that has led to a sharp depreciation of the Egyptian pound

Egypt's President Abdel Fattah al-Sisi
Egypt's President Abdel Fattah al-Sisi (Photo: Twitter/@AlsisiOfficial)
Reuters CAIRO
1 min read Last Updated : Jan 24 2023 | 3:47 PM IST

CAIRO (Reuters) - Egyptian President Abdel Fattah al-Sisi begins a visit to India on Wednesday where he will meet business leaders and be a guest of honour at India's Jan. 26 Republic Day.

The trip will include discussions on strengthening economic relations between the two countries and reviewing opportunities for Indian investment in Egypt, a statement from the Egyptian presidency said.

Egypt is trying to drum up foreign investment as it tries to manage a dollar shortage that has led to a sharp depreciation of the Egyptian pound.

Last year it sought help from energy-rich Gulf allies and the International Monetary Fund after the economic fallout from the war in Ukraine exacerbated its underlying challenges.

Cairo has also been seeking to forge political and trade ties beyond its traditional alliances with the United States and European powers, including in sub-Saharan Africa and Asia.

 

(Reporting by Aidan Lewis; Editing by Christina Fincher)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :EgyptIndia-EgyptAbdel Fattah al-Sisi

First Published: Jan 24 2023 | 3:47 PM IST

Next Story