Egypt, India set ambitious trade target of $12bln in five years, up from $4.2bln
Egypt and India have set an ambitious target to increase bilateral trade from $4.2bn in 2024 to $12bn over the next five years. This goal was outlined during a meeting between Egypt's Minister of Investment and Foreign Trade, Hassan El-Khatib, and India's Minister of Commerce and Industry, Piyush Goyal, as part of El-Khatib's official visit to India.
El-Khatib emphasized Egypt's commitment to attracting more Indian investments, particularly in sectors such as renewable energy, chemicals, automotive manufacturing, pharmaceuticals, textiles, and information technology. He highlighted recent major Indian investments in Egypt, including agreements in the energy sector for the production of green hydrogen and green ammonia, valued at $12bn.
The Egyptian minister reassured Indian investors that the government is fully prepared to provide the necessary support, particularly through infrastructure development and the establishment of strategic economic zones like the Suez Canal Economic Zone, which is poised to become a global hub for trade.
Goyal expressed India's strong interest in expanding economic ties with Egypt and acknowledged the country's importance in the Middle East and Africa. He emphasized India's commitment to facilitating the entry of Egyptian agricultural products into the Indian market, marking a key area of cooperation.
Both sides also discussed the upcoming visit of a delegation from India's Ministry of Commerce and Industry, alongside business leaders from the Confederation of Indian Industry (CII), to Egypt. The delegation will focus on discussions about a proposed Indian Industrial Zone in the Suez Canal Economic Zone.
The meeting concluded with a review of the progress made since the September 2024 Egypt-India Joint Trade Committee session, where agreements were reached on facilitating the entry of Egyptian agricultural goods into India. Both ministers reaffirmed their ambition to significantly boost trade over the next five years, setting the stage for a stronger economic partnership.
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