India-Egypt trade exchange hit $3.6bn in 2015

The total volume of trade exchange between Egypt and India recorded around US$3.6 billion in 2015, Chairman on Cairo Chamber of Commerce (CCC), Ibrahim El Araby stated Sunday.

In 2015, Egyptian exports to India registered around US$1.5 billion while Indian imports to Egypt were estimated at around US$2.1 billion.

The chairman made these remarks during chamber’s meeting with  Indian ambassador to Cairo, Sanjay Bhattacharyya, a number of Indian investors , and leaders of largest Indian firms investing in the Egyptian market.

First Vice Chairman of the chamber, Aly Shoukry said that this meeting comes among chamber’s promotional plan to attract more Indian investments to Egypt through coordinating with India’s embassy.

The plan also includes removing obstacles facing Indian investors in the local market and removing them since the investors keen on entering the Egyptian market with new investments besides expanding their current investments, Shoukry clarified.

He noted that CCC is set to provide the Indian side with all data it needs to invest in Egypt.

Sameh Zaki -a board member at the chamber- pointed out that trade volume between Egypt and India do not suit the deep relations between both states. Thus, more efforts need to be exerted to achieve balance in Egypt-India trade balance to cope with political, economic, and trade relations between two states.

On other side, ambassador Bhattacharyya added that there are 50 large Indian firms investing in Egypt with investments worth around US$3billion and keen on expanding those investments within the coming period.