Wednesday marks the start of Egyptian President Abdel Fattah al-Sisi’s trip to India, where he will meet with business executives and celebrate India’s Republic Day on January 26 as a guest of honor.
According to a statement from the Egyptian president, the trip to India will involve discussions on enhancing economic connections between the two nations and exploring potential for Indian investment in Egypt.
Egypt is attempting to attract international investment as it attempts to control a dollar shortage that has caused the Egyptian pound to sharply depreciate.
It turned to the International Monetary Fund and its energy-rich Gulf partners for assistance last year as the economic repercussions of the war in Ukraine compounded its preexisting problems.
In addition, Cairo has been attempting to establish political and commercial relations with nations other than the US and EU, such as those in Asia and sub-Saharan Africa.
Meanwhile, Italy’s Foreign Minister said on Sunday that his country saw Egypt as an important partner in stemming irregular migration across the Mediterranean and in bolstering its energy security.
Both Egypt and Italy have been deeply engaged in Libya, where migrant smugglers have found space to flourish amid conflict and political stalemate.
Italy and Europe were also looking to North Africa to meet their energy needs in the wake of the war in Ukraine, Tajani said.