Bilateral trade surged 75% on the year to $7.26bn
Indian companies continue to execute several projects in Egypt and have invested US$3.15 billion so far, said the Ministry of Commerce and Industry on 28 July 2022.
“Egypt is one of the largest investment destinations for India in the region,” said the Ministry following the 5th Session of India-Egypt Joint Trade Committee held in Cairo on 25 July 2022.
Market potential wise, Egypt is a transcontinental country spanning the northeast corner of Africa and southwest corner of Asia.
The India-Egypt bilateral trade increased by 75% on the year to US$7.26 billion in FY 2021-22.
Affirming mutual keenness in diversifying and expanding trade and investment linkages, both sides at the JTC meeting have set an annual bilateral trade target of US$12 billion to be achieved within 5 years.
To accelerate trade, both sides agreed to expeditiously address all issues impeding bilateral trade, facilitate trade promotion between the two countries and identify bilateral focal points to further strengthen bilateral institutional cooperation.
Both sides undertook a detailed review of recent developments in trade and investment ties and noted that the relationship, while already excellent, has huge potential to be scaled up even further.
To this effect, both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments. These include food, agro and marine products, energy particularly renewable energy including green hydrogen and green ammonia, health and pharmaceuticals, chemicals and petrochemicals, MSMEs, engineering goods, manufacturing, IT and IT enabled services, tourism, and so on.
Both sides also reviewed the progress of ongoing discussions for Memorandum of Understanding (MoUs) in the field of standards, IT as well as transport and agreed to conclude them expeditiously.
Following the JTC, 5th meeting of Joint Business Council (JBC) was jointly organized by FICCI and Egyptian Commercial Services on 26 July 2022.
A large business delegation from India is currently visiting Egypt to participate in the JBC and to hold B2B interactions with their Egyptian counterparts. fiinews.com
