Egypt plans to allot land to Indian industries in Suez Canal Special Economic Zone
Tags: International News
Egypt is considering allotting a special zone to Indian industries in the Suez Canal Economic Zone (SCEZ) and the Indian side may prepare a master plan for the same.
An overview of the news
The proposal is in the context of India's proposal to encourage companies with the potential to make foreign investments to make use of the investment opportunities available in Egypt.
Egypt welcomes the flow of more Indian investments and promises to provide incentives and facilities in accordance with applicable regulations and framework.
The trade between India and Egypt currently exceeds $3.15 billion.
Prime Minister Modi and the President of Egypt agreed to encourage businesses to explore mutually emerging economic and investment opportunities.
Egyptian President El-Sisi, who arrived in Delhi on a three-day visit to India, attended the Republic Day celebrations as the chief guest.
About Suez Canal
The Suez Canal is an artificial sea-level waterway running north to south from the Isthmus of Suez in Egypt to connect the Mediterranean Sea and the Red Sea.
This canal separates the continent of Africa from Asia.
It provides the shortest sea route between Europe and the lands surrounding the Indian and Western Pacific Oceans.
The Suez Canal is one of the busiest trade routes in the world. About 12 percent of the world's total trade passes through this canal daily.
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