Cairo, Nov 15 — Commerce and Industry Minister Piyush Goyal said on Sunday that India and Egypt will now work on the Terms of Reference and examine the potential of either a Preferential Trade Agreement or a free trade agreement (FTA).
He said that there are immense opportunities for India and Egypt to strengthen trade and investments in the next five years, adding that the presence of over 700 registered Indian companies in Egypt reflects the growing depth of business ties between the two nations.
Speaking to IANS on the sidelines of the India-Egypt Business Forum Meeting here, the minister said The relations between our leaders are very good, and the ties between our business communities are strong.
“Furthermore, the civilisations and histories of both nations are thousands of years old. So, along with working to bring both ancient civilisations closer together, we are also bringing trade and industry closer,” Goyal told IANS.
Goyal further stated that an Indian company informed “us just yesterday that they have invested approximately Rs 1,200 crore into an international seed company, which also has manufacturing in Egypt.”
Over 300 companies from India and Egypt across sectors met under one roof at the India-Egypt Business Forum.
“This reflects the enthusiasm for the possibilities and the potential that our partnership can unlock. I spoke about India's scale, and robust consumer market can complement Egypt's strategic location, which can generate great outcomes across fields like trade and investment, education, healthcare, engineering, manufacturing, technology solutions, and much more,” said Goyal.
He met Dr. Mohamed Farid Saleh, Egypt's Minister of Investment and Foreign Trade, and discussed about expanding bilateral trade, boosting investments and finding new avenues of cooperation.
“The India-Egypt partnership is set for greater heights,” said Goyal.
Goyal also addressed the India-Egypt Joint Business Council Meeting alongside Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade of Egypt.
The minister highlighted “the strong complementarities between our two economies and the significant potential for greater private sector participation”.
“The presence of over 700 registered Indian companies in Egypt reflects the growing depth of our business ties. Called upon businesses from both countries to strengthen existing partnerships and explore new avenues of collaboration in manufacturing, pharmaceuticals, engineering, textiles and other key sectors,” Goyal noted.