India-Egypt Business Council seeks to double Indian exports to Egypt in 5yrs

The India-Egypt Business Council says it is looking to increase Indian investments in the North African country to $6.4 billion in the coming five years.

The Indian investments in Egypt currently stand at around $3.2 billion, the head of the Egyptian side Khaled Abu El Makarem further told Amwal Al Ghad on Thursday.

The investments are in various sectors, notably in chemicals and paint industries, Abu El Makarem said.

There are around 50 Indian firms operating in various sectors in Egypt, including chemicals, paints, packaging equipment, cosmetics, textiles, ready-made garments, medical products, information technology, consumer goods, healthcare, paper, plastics, packaging, automobiles, and automobile spare parts, in addition to solar energy projects.

Trade exchange between Egypt and India has registered a 22.6 percent decline to record $948.82 million during the period from January to May 2017, compared to $1.163 in the same period in 2016.

In May, trade exchange dropped 5.5 percent to hit $254.945 million, compared to $269.726 million during the same month in 2016.

Egyptian exports to India jumped 24.7 percent to around $274.55 million during the first five months of 2017 from $220.183 in the same period in 2016, according to a recent bulletin issued by Egypt’s state-run statics agency CAMPAS.

In May, Egyptian exports climbed by 68.2 percent to $110.593 million, versus $65.766 million last year.

Meanwhile, Indian exports to Egyptian market slipped by 28.5 percent to record $674.27 million during the first five months of 2017, against $942.973 million in the same period in 2016.

In May, Indian exports fell 29.2 percent to $144.352 million, compared to $203.96 million in the same period last year.