India and Egypt have set a target to increase their trade volume to $ 8 billion from current $ 3 billion. There are currently 52 Indian companies operating in Egypt of which 25 are joint ventures with a total investment of $ 3 billion across a wide range of sectors. As a $ 286 billion economy with around 89 million consumers (the second largest in Africa), Egypt offer huge potential for Indian companies.
“The Indian and Egyptian leadership were committed to enhance cooperation in all sectors - political, cultural, economic and defence. Entrepreneurs can tap the opportunities in chemicals, petrochemicals, textiles, autos and auto components, mining and renewable energy as well as those in the Suez Economic Corridor,” said Hatem Tageldin, Ambassador of Egypt to India, while addressing the India-Egypt Business Council meeting, which also coincides with the first official visit of President Abdel Fattah el-Sisi to India.
“The India-Egypt bilateral relations are at an important juncture. Egyptian businesses should work closely with Indian industry to bring to fruition the shared vision of creating a new partnership in a new era. There are both opportunities and challenges and also a broad understanding between the two sides of the need to take things forward,” said Sanjay Bhattacharya, Indian Ambassador to Egypt, highlighting opportunities of expanding economic cooperation in hydrocarbons and development projects that the Egyptian Government had launched.