Egypt and India are moving toward a joint forum for startups. Minister of Planning and Economic Development Ahmed Rustom met Indian Ambassador Suresh K. Reddy in Cairo. The two sides also discussed deeper cooperation in fintech and digital payments.
Investment delegation
India is arranging a high-level investment delegation of more than 150 companies to visit Egypt. The trip will allow companies to study economic reforms and investment openings. It is also intended to support new partnerships.
Existing Indian presence
Indian company investments in Egypt are close to $5 billion. About 55 Indian factories operate in the country. They provide more than 35,000 jobs for Egyptian citizens.
Fintech and startup ties
The ambassador called for including fintech firms and digital payment providers in future delegations. He cited India's National Payments Corporation of India as one possible participant. He also invited Egyptian officials to India's NASSCOM startup conference.
The ambassador extended an official invitation for the minister to visit India. The trip would include a look at India Vision 2047. Egypt is advancing its own Vision 2030.