Russia toughens sentence against French banker who left country

NEW DELHI: Egypt is trying to attract more Indian companies, particularly in the sectors of renewable energy, chemicals and information technology, its embassy in India said on Wednesday, as Investment and Foreign Trade Minister Hassan El-Khatib is on a visit to New Delhi to forge more partnerships.

El-Khatib arrived in India on Sunday for a four-day visit during which he met Commerce and Industry Minister Piyush Goyal.

He discussed with Goyal ways of “attracting more Indian investments to the Egyptian market in vital sectors such as new and renewable energy, chemicals, automobile manufacturing and its components, pharmaceutical products, textiles, communications and information technology,” the Egyptian Embassy said in a statement to Arab News.

“Both sides expressed their aspiration to increase the volume of trade exchange between the two countries in the next five years. It was agreed to work on raising the trade volume from $4.2 billion in 2024 to $12 billion.”

El-Khatib also attended the India-Egypt Business Roundtable held by the Confederation of Indian Industry.

“The discussion highlighted new opportunities emerging in trade and investments in Egypt, and the pivotal role of the Indian industry toward leveraging these opportunities. Emphasis was also made over the opportunities in the Suez Canal Economic Zone,” the CII said after the meeting.

The Egyptian minister said his government was prepared to provide Indian investors with “all forms of support and facilitation” in the special zone.

Established in 2015, the SCZone spans 461 sq. km and includes six ports and four industrial zones along the Suez Canal — one of the world’s most important maritime routes.

Talks on establishing a dedicated Indian industrial cluster in the special economic zone have been underway since 2023, when relations strengthened following Egyptian President Abdel Fattah El-Sisi’s visit as chief guest of India’s Republic Day celebrations and Indian Prime Minister Narendra Modi’s official trip to Cairo.

“Egypt is working to accelerate economic growth and views India as a major partner in this regard. India is one of the largest trading partners of Egypt in the world and over 50 Indian companies have invested nearly $3.15 billion in the Egyptian market,” Md. Muddassir Quamar, associate professor at the Centre for West Asian Studies, told Arab News.

The first investment agreement by an Indian company with the SCZone was signed in February. Under the $5 million deal, India’s Volkov Infra will establish a plant producing silico manganese and ferrosilicon from quartz and manganese ore in the East Ismailia Industrial Zone, known as “Technology Valley,” Quamar said.

“These are encouraging signs and the two sides are likely to further strengthen trade, investment and economic relations given India is keen to capitalize on the growing economic opportunities in the Eastern Mediterranean region.”

FRANKFURT: German defense firm Hensoldt has warned it will take time before European militaries can operate without American support as the continent races to rearm amid worries about US commitment to its security.
“It will only be possible in the medium term for Germany and the EU to achieve autonomy in armaments without relying on American capabilities,” Oliver Doerre, CEO of the defense electronics maker, told journalists on Tuesday.
The firm, based in the southern state of Bavaria, provides radars used in Ukraine to defend against Russian airstrikes.
European nations have been unsettled by signs of US President Donald Trump’s uncertain commitment to the continent’s defense and NATO, and were also shocked after he made overtures to Russia on the Ukraine war.
Responding to the geopolitical turmoil, German lawmakers Tuesday approved a plan to dramatically ramp up defense spending pushed by leader-in-waiting Friedrich Merz while the EU is seeking to mobilize huge sums for the continent to rearm.
But Doerre cautioned that it was “essential to continue our trusted collaboration with the American industry, particularly with Lockheed Martin,” in the areas of naval command systems and radar technologies.
He called for defense firms, both in Germany and Europe, to focus more on greater cooperation and less on competing with one another, and for Europe to improve when it comes to procurement of military gear.
Doerre, who served in the Germany military for over 20 years, said there were still “significant deficits in terms of capabilities” in the Germany army, despite a 100-billion-euro special fund set up to boost the armed forces after Russia invaded Ukraine in 2022.
Germany needs an estimated 300 billion to 500 billion euros for investments in equipment, infrastructure and extra personnel, he said.
Doerre said that Hensoldt was “ready” to boost its operations in response to growing demand, noting the company had invested one billion euros in recent years to ramp up production, and had hired 1,000 people alone last year.