Egypt has set a target to increase its trade with India significantly, aiming to reach $12 billion in the near future. Currently, the trade volume between the two countries stands at about $5 billion, which Egypt considers to be well below the actual potential of their partnership. Egypt’s Ambassador to India, Kamel Zayed Galal, highlighted various opportunities for growth in sectors such as energy, manufacturing, agriculture, and connectivity during a speech at the Foreign Correspondents’ Club of South Asia.
Indian investments in Egypt, currently at approximately $3.7 billion, are anticipated to surpass $10 billion in the upcoming years, as per Galal. He urged Indian companies to view Egypt not just as a short-term business destination but as a long-term strategic partner. Energy cooperation, particularly in renewable energy and green hydrogen, is gaining prominence.
Egypt possesses abundant solar and wind resources, coupled with expanding infrastructure and convenient access to major global shipping routes, making it a potential hub for green energy production and exports. Galal emphasized the potential for increased trade through closer supply chain links in sectors like fertilizers, agriculture, and industrial manufacturing.
The Ambassador underscored Egypt’s industrial zones and free trade agreements with African and European nations as advantageous for Indian businesses. Egypt is positioned not only as a market for selling products but also as a base for production and exports to broader regions. With key ports on the Red Sea and Mediterranean Sea, along with the strategic Suez Canal handling a significant portion of global trade, Egypt serves as a crucial global trade gateway.
In 2023, India and Egypt elevated their relationship to a Strategic Partnership following discussions between Prime Minister Narendra Modi and Egyptian President Abdel Fattah el-Sisi. Galal emphasized the transition from establishing ties on paper to achieving tangible economic outcomes. Discussing Egypt’s foreign policy, the Ambassador highlighted the country’s support for strategic independence, cooperation among nations, and respect for national sovereignty. Egypt avoids rigid political blocs, aligning closely with India’s stance on the reform of global bodies like the United Nations.
