CAIRO - Egypt Oct 29 offered India an exclusive industrial area in the Suez Canal Development Zone, located on the north-west coast of the Gulf of Suez that links Europe and Asia.

India is the first country to which Egypt made this rare offer, Commerce and Industry Minister Anand Sharma said after meeting with Prime Minister Ahmed Nazif here.

“Nazif offered us to establish an India Industrial zone in the Suez Canal Development Zone. This is a significant ... as India is the first country to be offered such a big industrial initiative,” Sharma said.

The Suez Canal Development Area (SIDC) is of strategic importance as the Suez Canal, connecting the Red Sea in the Indian Ocean and the Mediterranean Sea in Europe, is a transit route for almost one-third of the global trade.

As per the offer, the Indian companies can set up joint ventures with the local firms and these could be located in the SIDC. Such an industrial zone would help find Indian companies easy market access to Europe and Africa, he said.

In his meeting with Nazif, Sharma discussed ways to enhance bilateral trade which was $3.75 billion in 2008-09.

Sharma, who also met his Egyptian counterpart Rachid Mohamed Rachid said, “We looked at areas where we can expand”.

India has a total investment of about $750 million in about 40 projects in the north western African country. The groups present in Egypt include Tatas, Dabur, GAIL, Mahindra Satyam (formerly Satyam Computer) and Wipro.

Sharma also had a meeting with WTO Director General Pascal Lamy.

“We reviewed what progress has been made in Doha Development Round,” Sharma said.

Later, while speaking at the ‘Informal African WTO Trade Ministerial Meeting’, Sharma said India enjoys close ties with Africa and has common concerns and interests with many African member nations including agriculture.

“It is essential for developing countries from diverse groups in the WTO negotiations to stand together. Only through this unity can it be ensured that disciplines worked out are fair and do not place an undue burden on developing countries,” Sharma said.        (PTI)