New Delhi: Egypt’s Minister of Investment and Foreign Trade Engineer Hassan Al-Khatib, met with Piyush Goyal, the Indian Minister of Commerce and Industry, on Tuesday in New Delhi to discuss ways to strengthen economic relations between the two countries, according to the official information service.
The two sides also discussed the potential for increasing bilateral trade rates and joint investments during the upcoming period.
The trade volume has risen to $4.2 billion in 2024 and both sides expressed their aspiration to increase it to $12 billion in the next five years, in line with what was agreed upon during the joint trade committee meetings held in September 2024.
During that sixth session in September 2024, there was an understanding regarding facilitating the entry of certain Egyptian agricultural commodities into the Indian markets. At the end of the meeting in New Delhi on Tuesday, both sides reviewed the progress made in implementing those decisions.
The minister Engineer Hassan Al-Khatib emphasized Cairo’s interest in attracting more Indian investments to the Egyptian market in vital sectors such as new and renewable energy, chemicals, automotive manufacturing and components, pharmaceuticals, textiles, and information and communications technology, pointing out the Egyptian government’s readiness to provide all forms of support and facilities to Indian investors.
Green energy production
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.
The minister noted that the Egyptian government continues its efforts to create an attractive investment environment by developing infrastructure, establishing new ports, and developing strategic economic zones, including the Suez Canal Economic Zone, which is expected to become one of the most important global economic areas capable of attracting major foreign companies due to its unique location linking global markets, particularly in Europe.
The minister noted that the Egyptian government continues its efforts to create an attractive investment environment by developing infrastructure, establishing new ports, and developing strategic economic zones, including the Suez Canal Economic Zone, which is expected to become one of the most important global economic areas capable of attracting major foreign companies due to its unique location linking global markets, particularly in Europe.
Invitation to Indian minister
The minister extended an official invitation to Indian minister Piyush Goyal, to visit Egypt in 2025, aiming to enhance bilateral relations and explore further opportunities for economic and investment cooperation between the two countries.
For his part, Piyush Goyal welcomed the invitation from Engineer Hassan Al-Khatib to visit Egypt, expressing his country’s commitment to strengthening frameworks for joint economic cooperation with Egypt, considering it a pivotal country in the Middle East and Africa.
Goyal confirmed the ministry’s commitment to taking the necessary measures to facilitate the entry of Egyptian products into the Indian market, particularly agricultural exports.
Indian industrial zone project
The meeting reviewed arrangements for a visit by a delegation from the Indian Ministry of Commerce and Industry, accompanied by a delegation of businessmen from the Indian Industries Federation to Egypt in the near future to discuss the Indian industrial zone project in the Suez Canal Economic Zone.
The meeting was attended by Ambassador Kamel Galal, Egypt’s Ambassador to India, and Trade Commissioner Mustafa Sheikhoun, Head of the Trade Representation Office in India.
