Egypt, India moving forward to boost trade exchange to $12 billion in 5 years: PM Modi



Sun, 25 Jun 2023 - 12:04 GMT


Sun, 25 Jun 2023 - 12:04 GMT

CAIRO – 24 June 2023: Indian Prime Minister Narendra Modi said Egypt and India are moving forward quickly to achieve the goal of boosting their trade exchange to $12 billion within five years, the Egyptian Cabinet said in a statement.

Modi made the remarks as he participated in a roundtable discussion on Saturday with Egypt’s Prime Minister Mostafa Madbouli and a group of ministers and senior officials from both sides during Modi’s first visit to Cairo as premier.

During the discussions, Madbouli said the volume of trade exchange between Egypt and India amounts to around $7 billion currently, while there are true chances to boost trade to $12 billion as agreed.

The Egyptian premier added that Indian investment in Egypt has amounted to around $3.5 billion, affirming aspiration for further Indian investments in Egypt during the coming period.

For his part, Modi said India is an important source of foreign investments to Egypt, noting that Indian companies invested around $170 million in Egypt over the past six months only.

Moreover, Modi said the Egyptian and Indian sides have increasing cooperation in the field of renewable energy, which reflects their joint commitment to protect environment.

Egypt is an important partner to India, Modi stressed, affirming that cooperation between the two countries have increased despite the coronavirus implications and global tensions.

India is keen to maintain the joint historic relations with Egypt and is committed to boost the Egyptian-Indian relations, Modi added.

Modi said he will invite President Sisi in September to attend the Group of 20 meetings in India.

Madbouli noted that the Egyptian-Indian agreement in January to raise relations to the level of strategic partnership has led to remarkable activity in a number of areas of bilateral cooperation between the two countries.

The Egyptian premier stressed the common will of the governments of the two countries to translate the upgrade of relations into a strategic partnership into a tangible reality.

Madbouli noted that Egypt looks forward to consolidating the strategic relations with India with regard to exchanging strategic goods, especially with regard to turning India into one of the main sources of wheat exports to Egypt.

Modi arrived in Cairo on Saturday in the first visit by an Indian premier in more than two decades, where he is scheduled to meet with Egyptian President Abdel Fattah El-Sisi.

Modi’s delegation during his two-day visit includes the Indian foreign minister, national security advisor and senior officials from the Cabinet and the Indian foreign ministry.

During his visit, Modi met with Egypt’s Grand Mufti Shawki Allam, where they held discussions on the relations between India and Egypt, especially the cultural and people-to-people ties.

Modi said on Twitter that he also held a “fruitful” meeting with Hassan Allam, CEO of Hassan Allam Holding, to discuss economic and investment issues.

Modi’s series of meetings also included a meeting with Egyptian author Tarek Heggy.



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