News

India Reaches Out to Egypt for Growing Bilateral Trade

India Reaches Out to Egypt for Growing Bilateral Trade

External Affairs Minister Sushma Swaraj with President Abdel Fattah Al Sisi of Egypt at a meeting in Cairo. Credit: PTI
External Affairs Minister Sushma Swaraj with President Abdel Fattah Al Sisi of Egypt at a meeting in Cairo. Credit: PTI

After almost two years of paused talks between India and Egypt, who share trade agreements dating back to 1978, Sushma Swaraj, External Affairs Minister of India, met with President Abdel Fattah al-Sisi during her visit to Cairo last week in hopes of laying out a regulatory regime that fosters transparency and predictability, and attracts more Indian investors to Egypt, reported The Indian Express.

“The Minister’s visit to Cairo will provide an opportunity to review the entire gamut of our bilateral and multilateral relations and to exchange views with the Egyptian leadership covering whole range of issues of mutual interest,” the Indian Express reported the External Affairs Ministry as saying.

According to the Indian Embassy in Egypt, India is considered to be Egypt’s seventh largest trading partner and second largest market for Egyptian exports.

The volume of Indo-Egyptian bilateral trade has witnessed significant growth between the fiscal years 2002-2003 and 2011-2012, which started at $US 727.62 million and exponentially grew to $US 4.3 billion, records the Indian Embassy in Egypt’s website.

In March of 2013, following ousted President Mohamed Morsi’s visit to India, renewed trade relations were fueled by holding the first meeting for the India-Egypt Joint Trade Committee. By the end of the fiscal year 2012-2013, bilateral trade between the two countries had jumped to $US 5.45 billion, according to the Indian daily, The Economic Times.

“We can work out mutually beneficial solutions to enhance two-way trade significantly by having preferential arrangements as well as better coordination,” The Economic Times reported Swaraj as saying.

“We are ready to strengthen cooperation in the fields of textiles, apparel machinery, automotive components, chemicals, consumer goods and any other area that Egypt would prefer,” Swaraj added. “Further, India has great strength in new technologies such as IT, pharmaceuticals, health and space. Our companies would be ready to share their competencies with Egypt.”

According to The Economic Times, the size of Indian investment in Egypt has approached $US 3 billion, spanning over 50 Indian ventures.

“In short, given a suitable business environment, the sky is the limit for our economic engagement. I must also mention that sharing our best technologies and building partnerships are central to our engagement with Egypt,” stated Swaraj.

There's More to the Lebanese 'YouStink' Protests than Garbage
Transforming the Lives of Egypt's Street Children One Loving Attempt at a Time

Subscribe to our newsletter


News

More in News

sticlute-de-parfum-2

Import Tariffs on 320 Goods Increased by up to 60 Percent in Egypt

Aswat MasriyaDecember 5, 2016
Note: Egyptian Streets cannot independently verify the veracity of any images in this article.

‘Disgusting Video’ of Ketchup Production Called Misleading by Heinz Egypt

Egyptian StreetsDecember 4, 2016
squashwomen

Egypt’s Women Make Squash History Taking Top Three Spots in World Ranking

Egyptian StreetsDecember 4, 2016
Protesters gather to demonstrate Egypt's decision to declare two Red Sea islands as Saudi Arabian. Khaled Ali, pictured, brought a case to the Administrative Court against the decision. Credit: Belal Darder

Egypt’s Constitutional Court Rules Against Interior Minister Authority to Ban Protests

Aya NaderDecember 3, 2016
pablo-4

Egypt’s Foreign Minister in ‘First Meeting’ Between Arab Official and US Vice President-elect

Egyptian StreetsDecember 1, 2016
A street in Luxor.

UK Court Allows British Woman to Adopt Girl ‘Found in a Box’ in Egypt’s Luxor

Egyptian StreetsNovember 30, 2016
egypt parliament

Egypt’s Parliament Passes Controversial NGO Law

Aswat MasriyaNovember 30, 2016
The arrival hall is empty at the Sharm el-Sheikh Airport in south Sinai, Egypt, Monday. Airbus executives say they are confident in the safety of the A321 that crashed Oct. 31 in Egypt's Sinai Peninsula, killing all 224 people on board. Photo: AP

UN World Tourism Organization Urges UK to Return Flights to Sharm El-Sheikh

Egyptian StreetsNovember 29, 2016
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2016 ES Media UG. All Rights Reserved.