Indian Business Delegation to Visit Egypt in June to Boost Strategic Trade and Investment Ties

An Indian business mission will visit Egypt next month, C. Sushma, India's Acting Ambassador in Cairo, said, citing the growing economic ties between the two nations. Egyptian markets are a strategic investment opportunity for Indian firms due to its geographical location and huge trade agreements with Africa, the Middle East, and other areas. Recent discussions have revolved around establishing local production in Egypt, particularly in rock phosphate production, to replace imports and aid agriculture.

 

India-Egypt bilateral relations were elevated to the level of strategic partnership in 2023 with two-way trade reaching around $4 billion during 2021-22 and looking to treble to $12 billion in the coming years. Sectors identified for collaborative cooperation are the automotives, railway, pharma, and digital sector. The vision is to expand an Indian industrial park in the Suez Canal Economic Zone further strengthening cooperation. The delegation's visit will provide momentum to these developments and seek new investment proposals.

 

Source: Daily News Egypt