Egypt, India target $12bln in bilateral trade

On the sidelines of the 18th BRICS Summit in New Delhi, the two leaders addressed ways to boost Indian investments in Egypt

Staff Writer

, 
Arab Finance

President Abdel Fattah El-Sisi and Indian Prime Minister Narendra Modi discussed boosting cooperation between Egypt and India and increasing bilateral trade between Egypt and India to $12 billion, according to a statement.

On the sidelines of the 18th BRICS Summit in New Delhi, the two leaders addressed ways to boost Indian investments in Egypt, particularly in the manufacturing, technology, clean energy, and automotive sectors.

During the meeting, El-Sisi highlighted Egypt’s competitive advantages, particularly its strategic location, skilled workforce, and extensive network of free trade agreements (FTAs), in addition to the incentives offered by the Suez Canal Economic Zone (SCZONE) and other industrial zones.

The Indian government is encouraging companies to foster investments in Egypt and explore available opportunities, in order to support joint projects and back the transfer of expertise and technology, Modi said.

Both sides also discussed opportunities for cooperation in new and renewable energy, green hydrogen, pharmaceuticals, and information technology, thereby opening new prospects for the private sectors in both countries.

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