NEW DELHI, March 22, 2018 - Foreign Minister Sameh Shoukri highlighted on Thursday Egypt's economic reform programme and the available investment opportunities in the country during the Indian-Egyptian joint business forum held in New Delhi, Foreign Ministry Spokesman Ahmed Abu Zeid said. In his speech at the forum, FM Shoukri said that relations between Egypt and India are historical and should be improved in all fields with the aim of realising development and prosperity for the peoples of the two countries, the spokesman added. The foreign minister also said that there are opportunities for expanding and diversifying economic co-operation between Egypt and India as well as creating a large investment and trade base relying on the advantages that the two countries enjoy. Shoukri added that the Egyptian economy has started to recover thanks to bold economic policies and reforms adopted by the government to face ongoing challenges. The programme, he also said, aims at increasing growth rates of the gross domestic product, creating job opportunities, increasing exports, regulating the business climate, restoring economic balance and pushing for structural reforms while putting into consideration the social dimension of the reform process. The foreign minister asserted the support of international financial and economic institutions, including in the foremost the International Monetary Fund (IMF), to Egypt's economic reform plan. This, he added, comes in the light of the strong indicators of the recovery of the Egyptian economy which are represented in the increase in growth rates of the GDP, the floatation of the Egyptian pound, the restoration of financial equilibrium and the growing trust in Egypt's business environment. According to Shoukri, the GDP grew by 4.2 per cent in the fiscal year (FY) 2016/2017 compared to 3.8 percent a year earlier. Foreign currency reserves jumped to $36.7 billion by the end of October 2017, compared to $12.1 billion by the end of June 2016, the minister said. He added that foreign direct investment edged up to $7.9 billion in the fiscal year 2016/2017, expecting it to top $10 billion by the end of the fiscal year 2017/2018. The Indian-Egyptian joint business forum is organized by the Federation of Indian Chambers of Commerce and Industry in cooperation with the Egyptian commercial office in New Delhi. It is also attended by a large number of businesspeople and executives of companies investing or willing to invest in Egypt. On Wednesday, FM Shoukri arrived in New Delhi for a visit that aims at enhancing relations with the Asian country. Also yesterday, the foreign minister reviewed Egypt's vision of the regional and international developments as well as the horizons of Egyptian-Indian relations at the New Delhi-based think-tank Vivekananda International Foundation on the sidelines of the visit.
