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Reuters
Reuters
Business

Egypt's Sisi heads to India amid investment push

FILE PHOTO: Egypt's President Abdel Fattah al-Sisi attends the China-Arab summit in Riyadh, Saudi Arabia December 9, 2022. Saudi Press Agency/Handout via REUTERS

Egyptian President Abdel Fattah al-Sisi begins a visit to India on Wednesday where he will meet business leaders and be a guest of honour at India's Jan. 26 Republic Day.

The trip will include discussions on strengthening economic relations between the two countries and reviewing opportunities for Indian investment in Egypt, a statement from the Egyptian presidency said.

Egypt is trying to drum up foreign investment as it tries to manage a dollar shortage that has led to a sharp depreciation of the Egyptian pound.

FILE PHOTO: Egyptian President Abdel Fattah al-Sisi talks during a panel discussion at the 2nd World Youth Forum (WYF) in Sharm el-Sheikh, Egypt, November 5, 2018 in this handout picture courtesy of the Egyptian Presidency. The Egyptian Presidency/Handout via REUTERS

Last year it sought help from energy-rich Gulf allies and the International Monetary Fund after the economic fallout from the war in Ukraine exacerbated its underlying challenges.

Cairo has also been seeking to forge political and trade ties beyond its traditional alliances with the United States and European powers, including in sub-Saharan Africa and Asia.

(Reporting by Aidan Lewis; Editing by Christina Fincher)

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