India, Egypt to promote trade, investment, fight terrorism

NEW DELHI (AP) — India and Egypt on Wednesday agreed to boost trade between the two countries during a visit by Egyptian President Narendra Modi, who underscored Prime Minister Narendra Modi’s efforts to strengthen ties with other emerging economies. Did.

Prime Minister Modi and President Abdel Fattah El-Sisi have agreed on measures to increase two-way trade to $12 billion within five years. Total trade in 2021-22 he was $7.3 billion. The two countries also signed agreements on expanding cooperation in cybersecurity, information technology, culture and broadcasting.

Modi and Sisi expressed concern over the disruption of food supplies and other vital resources due to the war in Ukraine. Modi enlisted Egypt’s cooperation in fighting transnational terrorism, extremism and cyber threats.

Egypt’s economy has been strained by the pandemic and Russia’s war in Ukraine, pushing prices of oil and other commodities to record highs. The company, one of the world’s largest importers of wheat, last year financed grain purchases from the World Bank after supplies from Ukraine were cut.

Imports from India have helped bridge the gap, with the exception of countries like Egypt, which face severe shortages despite banning most wheat exports.

India is one of the top five importers of Egyptian products such as crude oil, liquefied natural gas, salt, cotton, inorganic chemicals and oilseeds. India’s major exports to Egypt include cotton yarn, coffee, herbs, tobacco, lentils, auto parts, ships, boats and electrical machinery.

El-Sissi has called on Indian companies to invest more in the Suez Canal Economic Zone. According to the Indian Ministry of Foreign Affairs, more than 50 Indian companies have invested around $3.15 billion in various sectors of the Egyptian economy, including chemicals, energy, textiles, garments, agribusiness and retail trade.

India is the host country for this year’s G20 and Modi has invited El-Sissi as one of its special guests.

El-Sissi is the chief guest of India’s Republic Day parade on Thursday, which marks the anniversary of the adoption of the country’s constitution on 26 January 1950. India won her independence from British colonial rule in 1947.

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