El Sisi’s state visit to India: President Abdel Fattah El Sisi signed a maritime transport agreement on Friday with Indian Prime Minister Narendra Modi, Daily News Egypt reported, during the president’s three-day visit which concluded on Saturday. The two leaders also agreed to step up military and counterterrorism cooperation. El Sisi concluded his meeting with Prime Minister Modi by inviting him to visit Egypt.

El Sisi also met with US Secretary of State John Kerry in New Delhi, where they discussed the US government pushing for Egypt to receive the 12 bn IMF facility, said Egypt’s Foreign Minister Sameh Shoukry, according to Al Borsa. The discussions also looked at regional security.

Business on El Sisi’s mind during the visit: President Abdel Fattah El Sisi met with representatives of three major Indian businesses during his visit, including automobile manufacturers Tata and Mahindra as well as finance conglomerate Hinduja, according to an emailed statement from Ittihadiya. The companies all said they were interested in participating in Egypt’s national projects including the Suez Canal Area Development project. Egypt is particularly interested in benefiting from India’s experience in developing the SMEs and IT sectors, the president said in an interview with the Hindu Times. He expressed his hope that more Indian companies open up shop and participate in developing the Suez Canal Development Area.

Other companies interested in Egypt includeNMC Healthcare, which is looking to build the Tiba medical city with investments of up to USD 1.6 bn, said Trade and Industry Minister Tarek Kabil, who accompanied El Sisi on the trip, Al Mal reports. The UAE-based company, headed by Indian national BR Shetty, is sending a delegation to Egypt within the coming weeks. El Sisi had reportedly discussed moving the project to the new capital in his meetings with the Egyptian business delegation that accompanied him.

And that’s not all: Indian companies operating in Egypt are looking to increase their investments, Kabil said, according to Al Mal. Al Mansoura Resins and Chemical Industries is increasing its investments by EGP 300 mn, while carbon black specialist Aditya Birla are looking to increase exports to Europe, he added. On the flipside, Egyptian paint manufacturer Kapci Coatings is launching a new USD 50 mn factory in Bangalore , company Chairman Mohamed El Sayed told Al Mal. The factory was built in India to avoid 40% customs on exports from the company’s main factory in Port Said, he added. UAE-based hypermarket chain Lulu, headed by Indian national MA Yousuf Ali, is planning two new branches and wants to export from Egypt to some 140 branches in neighbouring countries, said Kabil.