India and Egypt agreed on Wednesday to boost trade between their countries during a visit by the Egyptian president highlighting Prime Minister Narendra Modi’s efforts to strengthen ties with other emerging economies.
Modi and President Abdel Fattah El-Sissi have agreed on measures to increase two-way trade in five years to $12 billion. Trade totaled $7.3 billion in 2021-22. The two countries also signed agreements to expand cooperation in cyber security, information technology, culture and broadcasting.
Modi and El-Sissi expressed concern over disruptions to the supply of food and other critical resources due to the war in Ukraine. Modi sought Egypt’s cooperation in combating cross-border terrorism, extremism and cyber threats.
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Egypt’s economy has been hit by the pandemic and Russia’s war in Ukraine, which has driven prices of oil and other commodities to record highs. One of the world’s biggest wheat importers, it got help from the World Bank last year to finance its grain purchases when supplies from Ukraine were disrupted.
India’s Prime Minister Narendra Modi, right, welcomes Egypt’s President Abdel-Fattah El-Sisi as the chief guest, in New Delhi, India, Wednesday, January 25, 2023, ahead of the annual India Day parade. the Republic of India on Thursday.
(T. Narayan/Bloomberg via Getty Images)
Imports from India, which made an exception for countries like Egypt facing severe deficits even as it banned most wheat exports, helped close the gap.
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India is among the top five importers of Egyptian products, including crude oil and liquefied natural gas, salt, cotton, inorganic chemicals, and oilseeds. Indian major exports to Egypt include cotton yarn, coffee, herbs, tobacco, lentils, vehicle parts, ships, boats, and electrical machinery.
El-Sissi invited Indian companies to invest more in the Suez Canal Economic Zone. More than 50 Indian companies have invested around $3.15 billion in various areas of the Egyptian economy, including chemicals, energy, textiles, garments, agribusiness and retail, according to India’s Ministry of External Affairs.
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India is the host country for the Group of 20 major economies this year and Modi has invited El-Sissi to attend as one of his special guests.
El-Sissi will be the chief guest at India’s Republic Day parade on Thursday, which marks the anniversary of the adoption of the country’s constitution on January 26, 1950. India gained independence from British colonial rule in 1947.
