RIYADH: In a joint summit last year, Egypt and India reaffirmed their resolve to doubling bilateral trade from $4.2 billion in 2024 to $12 billion within five years. Hassan El-Khatib, Egypt’s Minister of Investment and Foreign Trade, committed while meeting with Piyush Goyal, the Asian nation’s Minister of Commerce and Industry, during a visit to India.
According to Egypt’s Central Agency for Public Mobilization and Statistics, the drive builds on a record $7.26 billion in bilateral commerce during the 2021–22 fiscal year, a 75% increase from the previous year, making India Egypt’s sixth-largest trading partner. Between April 2023 and February 2024, trade dropped to $4.6 billion, mostly due to Houthi impediments to traffic in the Suez Canal and the Israel-Hamas conflict.
El-Khatib underlined Egypt’s determination to attract additional Indian investments in important industries such as information and communication technology, textiles, pharmaceuticals, chemicals, and automobile production.
Al-Khatib also emphasized the anticipated rise in Indian investments in Egypt over the next several years, particularly in view of the significant energy-related investment agreements signed by Indian businesses, such as two contracts worth up to $12 billion for the production of green hydrogen and green ammonia in Egypt, as well as other Indian investments in other sectors, according to an official statement.
Also Read:
As Major Prices Decline, Qatar’s Inflation Falls by 1.15 Percent
Repurposed Ihrams Encouraging Environmentally Conscious Pilgrimages
