Egypt, India to Strengthen Suez Zone Ties

On Thursday, Egypt and India released expressed exploring the possibility of land allocation to the Indian Industries at the Suez Canal Economic Zone.

In a joint statement, the two countries said that "the Indian side can arrange for the master plan." Amid the ongoing visit of Egypt President Abdel Fattah El-Sisi, Egypt remained in the spotlight in the Republic Day Parade 20203. The two nations have also reaffirmed their commitment to the founding values of the Non-Aligned Movement(NAM).

Egyptian President Abdel Fattah El-Sisi and PM Narendra Modi discussed on a wide range of topics and issues related to bilateral, regional, and global issues on Wednesday.

An engineering marvel, and a globally significant route for countries to easily trade across the world, the Suez Canal, connects the Mediterranean Sea with the Red Sea. It is one of the world's biggest trade routes. As of now, the trade route is essential to keep alive around 12 percent of the global trade that passes through it each day.

The joint statement also stated India's commitment to encouraging companies to explore their potential in overseas investments and also use the present investment opportunities in Egypt.

"In this context, the Egyptian side considers the possibility of allocating a special area of land for the Indian industries in the Suez Canal Economic Zone (SCEZ), and the Indian side can arrange for the master plan," it said.

Suez Canal holds significant importance for Indian trade. According to a report, out of the total 4.8 million barrels per day of crude oil shipped and transported through the canal, 500,000 barrels/day of crude is shipped to India.

It also added that the two countries reaffirmed their commitment to multilateralism, UN Charter principles, international law, etc.

Egypt and India also vowed to nurture their cultural and social ties by working to promote and safeguard basic principles through regular consultations and bilateral and multilateral coordination. The two nations expressed their concern about terrorism spreading its claws in the world. The two leaders criticized the use of terrorism as a foreign policy tool and called for ‘zero tolerance’ for terrorism.

"They also called upon all countries to work towards rooting out terrorist networks and their safe havens, infrastructure, their financing channels and preventing cross-border movements of terrorists," the statement added.

The statement also informed about the plan to hold joint working group meetings on counter-terrorism on a regular basis to exchange information and best practices.