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'Medical city' in Egypt to be built by Indian firm

Talks will begin soon on implementation of the $1.6 billion project, says Egyptian trade minister

Published: Updated:

An Indian healthcare company will build a medical city in Egypt, with investment estimated at $1.6 billion, Egypt's minister of trade and commerce announced in New Delhi on Friday, according to press reports.

The Indian company officials are to visit Egypt soon to finalize the implementation of the project.

Minister Tarek Kabil, the minister who was part of the delegation accompanying President Abdel Fattah el-Sisi on his three-day official visit to India, revealed that the medical city comprise hospitals, medical centers and allied facilities.

On Thursday, the first day of the India visit, the minister had met with the CEOs of top Indian companies in the Indian capital of New Delhi.

The Egyptian president left New Delhi on Saturday, heading to Hangzhou in China for attending the G20 Summit.

In New Delhi Sisi, on his second visit to India, held talks with Prime Minister Narendra Modi and witnessed the signing of a maritime transportation agreement between the two countries, and also met with US Secretary of State John Kerry, who was also visiting the country at the time.

Growing interaction

The joint statement issued on Friday, highlighted the importance given by the two leaders on the importance of growing bilateral economic interaction in recent years.

The current Indian investment in Egypt is about $3 billion which they sought to expand in the coming days, with the two leaders agreed to encourage companies and corporations from their respective countries to explore emerging economic and investment opportunities in each other's countries.

While Modi welcomed Egyptian investments in India under the 'Make in India' initiative, in the manufacturing and services sectors, President Sisi invited Indian participation in the Suez Canal Economic Zone, particularly in sectors such as petro-chemicals, energy, agriculture, healthcare, education, skills and IT.

Technology cooperation

Both the leaders reaffirmed their interest in enhancing bilateral cooperation in the field of science & technology to boost research and innovation partnership between research institutions and universities of the two countries.

The two leaders agreed to collaborate in the field of information and communications technology; agriculture; biotechnology; renewable and non-conventional energy; and skills development and encouraged full participation of the private sector enterprises in these endeavors.

They agreed to expand cooperation in the field of space utilizing India's expertise in launching satellites and other advances in space technology. They agreed to explore the possibilities of joint projects on space application under existing institutional arrangements.

The two leaders expressed their appreciation for the Pan African E-network Project at Alexandria University that specializes in tele-medicine and tele-education.

They also welcomed the completion of two Indian development projects in Egypt, the establishment of a textile vocational training center in Shubra el-Kheima, which would benefit the people of Egypt, as well as solar electrification of Agaween Village.