Cairo, Saturday, June 28, 2023 – Prime Minister Mostafa Madbouly and Prime Minister Narendra Modi met in a significant summit, with the shared objective of elevating bilateral trade between Egypt and India to an impressive $12 billion within the next five years, according to officials.
During the meeting held in Cairo, both leaders expressed their commitment to deepening economic cooperation and exploring new avenues for mutually beneficial trade. Notably, Indian companies have already injected approximately $170 million into the African Arab country over the past six months, highlighting the growing interest and investment potential between the two nations.
Egypt, in particular, is keen on encouraging India to expand its presence in the Suez Canal Economic Zone (SCZone), a key region for trade and investment. Prime Minister Madbouly emphasized the importance of strengthening strategic ties between the two countries, especially in the exchange of strategic goods. Notably, Egypt seeks to establish India as one of its primary sources for wheat exports, further solidifying their economic partnership.
The meeting between Prime Minister Madbouly and Prime Minister Modi signals a shared vision for enhanced economic cooperation, with both countries poised to benefit from increased trade volumes, investment opportunities, and mutually advantageous partnerships. As the leaders work towards achieving their ambitious trade target, Egypt and India are set to forge a stronger alliance that will shape their economic landscapes for years to come.
