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Egypt wants to double its trade with India in the next few years from the current $5.4 billion and has invited more investments from the country in areas such as energy, agriculture, bio-technology and information technology.
Egyptian President Mohamed Morsy, in an interaction with Indian industry here, promised investors all the required facilities and a conducive investment environment in his country.
“One of our focus areas is attracting foreign direct investment. Both countries can cooperate in areas like ICT, space science, energy, agriculture and nano technology,” Morsy said at an event organised by industry chambers FICCI, CII and Assocham on Wednesday.
The Egyptian President is on a four-day visit to India and is heading a high-level delegation comprising key ministers and business leaders.
The trade surge between India and Egypt has emboldened the Government to set up more ambitious goal of doubling this volume within the coming few years, Morsy said, adding that his country could start importing grains from India.
Speaking to the media on the sidelines of the event, Commerce and Industry Minister Anand Sharma said India was in talks with Egypt for exporting wheat, but the terms were yet to be decided.
Sharma said at the event that he would urge Indian companies to look at Egypt more seriously and invest in various sectors. “Indian companies can also partner with Egyptian firms in sectors like infrastructure, biotechnology, energy and pharmaceuticals,” he said.
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