Egypt, India to push trade to $12 billion in next five years

Egypt and India seek to push bilateral trade to $12 billion within the next five years, during a meeting between Prime Minister Mostafa Madbouly and Prime Minister Narendra Modi in Cairo on Saturday, officials said.

In the past six months alone, Indian companies have invested around $170 million in the African Arab country, Egypt is hoping that India increases its presence in the Suez Canal Economic Zone (SCZone).

In the meeting, Madbouly said that Egypt looks forward to consolidating the strategic relations with India with regard to exchanging strategic goods, especially with regard to making India into one of the main sources of wheat exports to Egypt.