Egypt, India reaffirm $12bn trade target during ministerial meeting

Egypt and India have reaffirmed their commitment to tripling bilateral trade from $4.2 billion in 2024 to $12 billion within five years, reinforcing a target set last year during a joint meeting. 

The pledge came during a trip to India by Egypt’s Minister of Investment and Foreign Trade Hassan El-Khatib, when he met with the Asian country’s Commerce and Industry Minister Piyush Goyal.

The push builds on a record $7.26 billion in bilateral trade during the 2021-22 financial year — a 75 percent rise from the previous year — positioning India as Egypt’s sixth-largest trading partner, according to the North African country’s Central Agency for Public Mobilization and Statistics. 

Trade fell to $4.6 billion between April 2023 and February 2024, largely due to the Israel-Hamas conflict and Houthi disruptions to Suez Canal traffic.

El-Khatib emphasized Egypt’s commitment to attracting more Indian investments in key sectors such as renewable energy, chemicals, and automotive manufacturing, as well as pharmaceuticals, textiles, and information and communication technology. 

“Al-Khatib also highlighted the expected surge in Indian investments in Egypt in the coming period, especially in light of the major investment agreements concluded by Indian companies in the energy sector, including the signing of two agreements for the production of green hydrogen and green ammonia in Egypt with an investment cost of up to $12 billion, in addition to other Indian investments in various sectors,” an official release stated. 

The minister added that his country is ready to provide all necessary support and facilitation for Indian investors, highlighting Egypt’s efforts to create a favorable business climate by improving infrastructure, developing new ports, and enhancing existing facilities, including the Suez Canal Economic Zone.