India and Egypt have stepped up defense and will explore various opportunities like renewable energy and trade
Since their diplomatic relations were established 75 years ago, Egypt and India have made great strides in developing their mutually beneficial relationships. The bilateral commerce between India and Egypt reached a record high of $7.26 billion in 2022, with the production of commodities including crude oil, fertilizer, beef, cotton yarn, etc. dominating the trade basket. A total of US$3.15 billion has been invested in Egypt by Indian businesses. The Egyptian economy is expected to receive new investments from Indian industries totaling US$700 million in the future years, according to government declarations.
S. Jaishankar, the minister of external affairs, stated on Sunday that India is not only focused on doing business with Egypt but is also open to exploring other opportunities for cooperation between the two nations both locally and internationally. At a meeting of the India-Egypt Business Forum in Cairo, Jaishankar, who is in Cairo on his first official visit at the invitation of his Egyptian counterpart Sameh Shoukry, made the comments. “My message to you today is not just that India is open to business, but that India is specifically focused on working with Egypt to see what difference we can make through our mutual benefit in the region and at the global level,” he said. Noting that not everyone has recovered equally from the COVID pandemic, he remarked, “At the more positive end of the spectrum, we are. There is a strong desire to conduct business both domestically and abroad.” Numerous representatives from the chemical, manufacturing, fertilizer, educational, renewable energy, retail, pharmaceutical, and service industries attended the event. One of India’s most significant trading partners on the continent of Africa historically has been Egypt. There will be mutual benefits from increased cooperation in the drug and pharmaceutical industries. An Indian university and an Egyptian business have agreed to establish a tertiary education institution. “Many of our companies do regard Egypt as a production base for this region and perhaps other regions of Africa. According to the Indian embassy in Egypt, bilateral trade increased significantly in 2021–22, reaching $7.26 billion, a 75% increase from FY 2020–21. Jaishankar, who had earlier in the day visited Abdel Fattah El Sisi, reported that the Egyptian President had told him that the USD 7.2 billion in trade turnover was not enough. As a result, “he (the President) requested us to identify ways of raising (the trade volume),” the minister explained, adding that Prime Minister Narendra Modi shared his perspective. He emphasized the elements like the market access challenges, investment possibilities, production implications, and even buyback possibilities, saying that “one obvious approach of doing so is to really focus on the constraints that we may have to (face) in (growing) business.” He pointed out that Egypt is buying wheat from India this year for the first time in a while, if not ever. He claimed that one of the major issues facing the world right now is the security of fertilizers. “On paper, there may not be any barriers to the trade of fertilizers. In practice, there exist difficulties and, to a certain extent, dependable sources that can be accessed regularly. He noted that these are the places that can be opened up, and it is something that directly affects food security. He expressed concern for climate change as well, calling it a disruptive force. “If you need to discover sustainable solutions, they won’t just come from conferences; policies will also be discussed at conferences. I’ll add that the urgency with which climate emergencies and events will be looked at is expanding. Ultimately, if you want to succeed in a company, policies must be implemented” he stated.
In November, Egypt will host the 27th CoP. Well-known Indian businesses are expanding to countries like Egypt, according to Jaishankar. “This, in my opinion, says a lot. It speaks a lot about our businesses and a lot about the legitimacy of your country as a place to make investments. I, therefore, perceive a vast array of options now.” Well-known Indian businesses are expanding to countries like Egypt, according to Jaishankar. He referred to the poor air connectivity between the two nations as a “legitimate commercial need that we will have to find methods to fulfill.”