Most of the Indian consumer companies that had suspended their operations in Egypt following the recent pro-democracy protests there have reopened the units. Though the African country?s merchandise trade with India still remains disrupted and will take a while to normalise, the situation presents great opportunities for Egyptian businessmen to work with their counterparts in India towards Egypt?s economic recovery, according to a Ficci note on ?India & the Emerging Egypt?.
?Indian corporates can take advantage of the changed political order, which would herald better business environment in Egypt,? it adds. The industry body has recommended that ?business proposals should be lined up for investment in Egypt to fuel the economy to gain momentum and pace. Time is ripe for new players to seize this opportunity to enter the ?New Egypt? and utilise it as a gateway to increase their footprints in the regional and Africa markets.?
The new Egyptian administration has sought $10 billion in funding from international lenders and rich nations to help it cope with the fallout of the mass protests. According to the study, ?the need of the hour for Egypt is to attract FDI to stimulate local companies, to foster entrepreneurship and to create new firms. Egypt?s investment promotion agency (GAFI) has been committed to attracting and supporting FDI in the country, which provides various incentives, privileges and exemptions to foreign investors.?