India offered industrial zone along Suez Canal

Written by Rituparna Bhuyan | Cairo | Updated: Oct 31 2009, 05:28am hrs
Egypt has offered India an exclusive industrial zone near the Suez Canal, a sea route through which 30% of the world trade consignments pass through.

This offer has come from the highest level and we will be working on it. Chambers of Commerce in India will be consulted. commerce minister Anand Sharma said here after a meeting with Egyptian Prime minister Ahmed Nazif .

The proposed zone will have both Indian and Egyptian companies and will enjoy duty benefits and easier investment norms. Indian manufacturing units based in the proposed industrial zone will get enhanced market access to US and EU as well as the African continent.

The offer shows the maturity of Indias industrial sector and its recognition by emerging economies like Egypt, said a commerce and industry ministry official.

Bilateral trade between India and Egypt stood at $2.46 billion in 2008-09. Indian companies already having a presence in the African country include Tata, Aditya Birla Group, Mahindra, OVL, and GAIL.