Egypt’s Industry Eyes $8bln Trade Exchange Volume With India By 2016

The Egyptian Ministry of Industry and Foreign Trade has agreed on boosting the volume of the trade exchange between Egypt and India to reach $8 billion by 2016, as the meetings of the joint commercial committee that was held in Cairo last week discussed this agreement and pointed to the necessity of expanding the economic cooperation between the two sides in the coming period.

Eng. Hatem Saleh, Egypt’s Minister of Industry, said the commercial relations between Egypt and India is continually developing and growing but need extra efforts and adopting new procedures to create a better climate for marketing the investment and establishing joint investing ventures; referring that the value of the Indian investments in Egypt is $2.5 billion and the volume of commercial trade between the two countries outstrip $5 billion.

The minister has mentioned that the first meeting of the Egyptian Indian Business Council was held immediately after forming the Egyptian side in the council, in which the council affirmed that Egypt welcomes more Indian investments in the Egyptian market in the forthcoming period and utilizing the incentives and constituents that Egypt has rather than any other country.

Egypt has a consumer market takes in 85 million people, and enjoys a number special commercial relations because of signing several free trade agreements with many countries and markets that include 2 billion people. This makes Egypt the most country that attract investments, whether on the regional level or the international one.