India and Egypt agree to boost trade

26 January 2023
2023-01-26 10:18

India and Egypt agreed to boost trade between their countries during a visit by the Egyptian president. Indian Prime Minister Narendra Modiand Egyptian President Abdel Fattah el-Sissi agreed on measures to increase two-way trade within five years to 12 billion USD.

Trade totalled7.3 billion USD in 2021-22. The two countries also signed agreements on expanding cooperation in cyber security, information technology, culture and broadcasting.El-Sissi invited Indian businesses to invest more in the Suez Canal Economic Zone.More than 50 Indian companies have invested around 3.15 billion USD in various parts of the Egyptian economy. India is among the top five importers of Egyptian products, including crude oil and liquefied natural gas, salt, cotton, inorganic chemicals and oilseeds.

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