India is 7th largest trading partner of Egypt
© Egypt Business Directory
President AbdelFattah El-Sisi visited India last week and discussed with Indian Prime Minister Narendra Modi boosting the cooperation between the 2 countries.
The plans include increasing trade between the 2 countries to reach $12 billion in 5 years, and potentially a dedicated area in the Suez Canal Economic Zone for Indian industries.
India is Egypt’s 7th largest trading partner with trade between both countries reaching $4.1 billion in 2022. Egyptian exports amounted to $723 million. The Indian investments in Egypt are at $3.15 billion in the fields of chemical industries, carbon, food, tourism and packaging.
India had made exceptions for Egypt regarding wheat exports, both countries are top destinations for outsourcing, and both countries are aligned on issues in the tech industries including moving to ban TikTok.
Modi extended an invitation to President El-Sisi to attend the G20 summit in September that will take place in India, in order to express the interests of Egypt and the global south in general.