www.business-standard.com/common/news_article.php?leftn -
[Cached Version]
Published on: 4/19/2008
Last Visited: 4/19/2008
Egypt's Mohamed Ashmawy, chairman and managing director, The United Bank, said "India is a bit late" in seeking investment from the Arabs.
"In spite of extremely good political and cultural relations between India and Egypt, neither side tried to translate this goodwill into an economic relationship," he said.
However, Egyptians say they are more comfortable doing business with India than China."An Indian businessman is like a family member while we cannot even communicate with the Chinese," said Ashmawy, who is part of the official delegation to the conclave.
He said Indian companies were acquiring businesses in Egypt and had made a "good impression about their business culture."
However, he said India would remain a "greenfield for investors for the next 20 years while the Chinese market has already saturated."
"Arabia could be India's gateway to Europe and Africa," he said.