Egypt has invited India to build an India industrial zone in the Suez development area for setting up Joint Ventures (JV) with Egyptian companies. Egypt has offered to designate an area for setting up of the zone exclusively for Indian companies. India could gain significantly from the offer as it would give it easier entry to the European and African markets, since Egypt has preferential access to both.
Indian companies have, till now, invested about $750 million in 40 projects in Egypt. It has a significant presence in the IT and automobile sector with companies like Wipro, Satyam, Mahindra and Tatas, having invested in the country.