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Sunday, 29 January 2023

El Sisi talks investment, defense, food security with India’s Modi before heading to Azerbaijan

El Sisi in New Delhi: President Abdel Fattah El Sisi held wide-ranging talks with Indian Prime Minister Narendra Modi during his visit to India last week. The two leaders agreed to strengthen defense and security ties, work closer on health and food security, and deepen cooperation on science and tech, according to a joint statement following the talks. El Sisi also held talks with Indian Foreign Minister Subrahmanyam Jaishankar during his visit to New Delhi, which coincided with India’s Republic Day celebrations.

Indian economic zone incoming? No new investment or economic agreements have yet been announced out of the visit, though Modi pledged to encourage Indian companies to increase their involvement in Egypt and El Sisi said his government would consider establishing an economic zone for Indian firms in the Suez Canal Economic Zone. The two countries hope to increase the value of bilateral trade to USD 12 bn in the next five years, up from USD 7.3 bn in FY 2021-2022, according to the statement.

Talks with India’s biggest renewables player: El Sisi held talks with representatives from Indian renewable energy firm ReNew Power to discuss investments in renewable energy infrastructure. The company signed a framework agreement alongside Elsewedy Electric in November to construct a USD 8 bn green hydrogen plant that will produce 220k tons of hydrogen and 1.1 mn tons of ammonia a year.

Adani wants to invest: Gautam Adani, founder of Indian conglomerate Adani Group and Asia’s richest man, met with El Sisi to discuss investing in Egypt’s ports and airports, data centers, renewable energy projects and green hydrogen facilities, Ittihadiya said. Adani shares have come under pressure after a report by short seller HIndenburg Research, the Financial Times reports.

From New Delhi to Baku: El Sisi held talks with Azerbaijan’s president, Ilham Aliyev, in Baku yesterday and met with local business leaders, Ittihadiya said. Foreign Minister Sameh Shoukry and Planning Minister Hala El Said signed several MoUs on water security, trade and culture, according to the Azerbaijani presidency’s office.

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