Egypt invited Indian investments for developing access to Suez Canal, the project cost for which is estimated at $200 billion.

Among the eight agreements signed here on Tuesday the most significant was the Letter of Intent signed between Antrix Corporation Ltd., the commercial wing of Indian Space Research Organisation (ISRO) and the Egyptian National Authority for Remote Sensing and Space Sciences (NARSS) relating to the launch services of the Egyptian nano-satellite EgyCubeSat-1 on board the Indian Polar Satellite Launch Vehicle (PSLV).

The agreements were signed after the delegation level talks between the Indian Prime Minister Dr Manmohan Singh and the visiting Egyptian President Mohamed Morsi.
Other agreements signed relates to cooperation in information and communication technology; cyber security; micro and small enterprises; protection, preservation and promoting cultural heritage; solar energy; setting up of a Centre for Excellence in IT at Al-Azhar University and upgrading of a Vocational Training Centre at Shourba El Kheima in Cairo.

After the signing of agreements, the Egyptian President Dr Mohamed Morsi said that the two countries would “promote these relationships so that we can reach Strategic Partnership.”

He expressed his desire to have cooperation in health and telecom sectors in details and specifics.

He invited Indian investments for developing access to Suez Canal, the project cost for which is estimated at $200 billion

Expressing his support for Palestinian Statehood, the Egyptian President said that India and his country hold identical views on Syrian crisis.

”We agreed that his (President Morsi’s) visit, at an important juncture for Egypt, offers us a great opportunity to renew our relationship and take it to a different level of engagement and cooperation,” said the Indian Prime Minister Dr Manmohan Singh.

Both the leaders discussed “historic political transition underway in Egypt following the events of January 2011.” Dr Singh conveyed full support to President Morsi and offered to share India’s experience in nation building with strong institutions and frameworks for democracy, social justice and inclusive economic development.

“We agreed that information technology, services, electronics, small and medium enterprises, manufacturing, fertilizers, and renewable energy constitute important areas of cooperation..... We also agreed to foster productive partnerships in socio-economic development programmes, skill development, higher education, agriculture and health care. We also agreed to enhance our defence exchanges and cooperation,” the Indian Prime Minister said.

Expressing his hope for peace and stability in West Asia and North Africa, Dr Singh said : “I conveyed our steadfast support to the Palestinian cause and expressed our deep appreciation for the role played by Egypt in trying to forge unity between the Palestinian groups and work towards a peaceful resolution of this long standing issue.”

He further said : “We also discussed the deteriorating situation in Syria and condemned the violence and loss of innocent lives there. We agreed on the urgent need for a peaceful resolution of all issues through dialogue.”