Egypt-India trade exchange reaches $4.1bln in 11M 2022

Newspaper Title: www.zawya.com

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Saturday - 28 January 2023

Egypt - Minister of Trade and Industry Ahmed Samir said that the non-oil trade exchange between Egypt and India amounted to about $4.1bn in the first 11 months of 2022, of which $723m were Egyptian exports.

Minister Samir met India’s ambassador to Cairo Ajit Gupte on Saturday to discuss aspects of joint economic cooperation between the two countries, and how to benefit from the great economic potential in both nations and translate them into tangible cooperation projects.

Samir said that the value of Indian investments in Egypt amounted to $3.2bn in 52 projects in the fields of chemicals, carbon, packaging, food products and tourism, stressing the importance of building on the strategic bilateral relations that bind the two countries in strengthening the frameworks of joint economic, commercial and industrial cooperation between Egypt and India in a way that supports Economic development plans and efforts in both countries.

He pointed out that many distinguished investment opportunities are available in the Egyptian market for Indian business circles, especially in the fields of medicines, medical devices and equipment, renewable energy, cars and their components, communications and information technology, especially since the state of India possesses great expertise and technologies in these fields.

He stressed the ministry’s keenness on benefitting from the vast industrial expertise and capabilities of India in various productive sectors to develop the Egyptian industry.

For his part, the Indian ambassador to Cairo stressed his country’s keenness on strengthening relations of joint cooperation with Egypt in various fields and at all levels, pointing to India’s keenness to benefit from the Egyptian market as a hub for Indian exports to enter the markets of the countries of the African continent, the Middle East and the continent of Europe.

Gupte highlighted the importance of strengthening joint cooperation between the federations of industries and chambers of commerce in both countries to open channels of communication and joint dialogue between the business communities in Egypt and India, in a way that contributes to the advancement of economic relations between the two countries, pointing to the importance of activating joint efforts to increase the rates of intra-trade, especially since there are valuable opportunities and export prospects in the Egyptian and Indian markets.