Egypt is furthering its trade relations with India in order to increase economic growth. According to a statement, the retail industry will be an important aspect of this relationship.
The statement added that the volume of non-oil trade exchange between Egypt and India during the first 11 months of 2022 totaled about $4.1 billion, of which $723 million were Egyptian exports.
Egyptian Minister of Trade and Industry Ahmed Samir said the value of Indian investments in Egypt amounts to about $3.2 billion in 52 projects. Mr. Samir also pointed out that there are many distinct investment opportunities available in the Egyptian market for Indian investors.
More than 50 Indian companies have already invested around $3.15 billion in diverse sectors of the Egyptian economy. including retail, textile, garment, and agri-business.
To further bolster these ties, Egyptian president Abdel Fattah El-Sisi was in New Delhi 24 January for a three-day state visit, which was focused on ramping up defence, political, energy and economic ties.
Sisi was accompanied on the three-day visit by a high-level delegation including five ministers and senior officials to participate to wide-ranging talks, which were expected to end with the signing of half a dozen agreements. This included talks to increase the countries’ non-oil trade as well.
This visit was a successor to Indian foreign minister S. Jaishankar’s trip to Cairo, where he addressed a meeting at the India-Egypt Business Forum. The event was attended by representatives from the retail, pharmacy, manufacturing, and other industries.
Meanwhile, Indian ambassador to Cairo Ajit Gupte said that both countries need to strengthen joint cooperation between the federations of industries and chambers of commerce to bolsters India-Egypt trade.