Cairo:Egypt's Minister of Planning and Economic Development, Ahmed Rostom, met with Indian Ambassador to Cairo, Suresh K. Reddy, to discuss enhancing strategic partnerships and expanding cooperation in innovative financing and support for startups.

According to State Information Service Egypt, the meeting is part of Egypt's strategy to bolster international partnerships and deepen economic and investment ties with India, aligning with national and regional development agendas.

During the discussions, Minister Rostom highlighted India's exemplary achievements in digital infrastructure and fostering an innovation-friendly environment for startups. He emphasized the significance of learning from India's experience and its innovative financing solutions. Rostom stressed that entrepreneurship is crucial for sustainable economic development, job creation, and boosting the national economy's competitiveness.

He also mentioned the Egyptian government's commitment to economic reform, aiming to create a favorable environment for investment and enable Indian companies to leverage Egypt's strategic advantages.

Indian Ambassador Reddy noted that India hosts over 240,000 startups and views the Egyptian market as a regional hub for expanding into African and European markets. He emphasized the role of financial technology companies and digital solutions providers in fostering bilateral partnerships. Reddy announced plans for a high-level Indian investment delegation to visit Egypt, comprising over 150 major companies, to explore investment opportunities.

The ambassador expressed his appreciation for the partnership with Egypt, highlighting the significant Indian investments in the country, which amount to nearly $5 billion, across 55 factories, providing over 35,000 jobs for Egyptians. Reddy also invited Rostom to visit India to explore India's "Vision 2047" and participate in an annual conference on building the startup ecosystem.

Both sides concluded the meeting by agreeing on the need to institutionalize cooperation through a "Joint Egyptian-Indian Startup Forum," aimed at facilitating dialogue and integration between young talents from both nations, paving the way for sustained partnership and growth in new areas.