Delhi-Cairo Economic Ties Soar, Over 50 Indian Companies Now Invest In Egypt

(MENAFN- Daily News Egypt) India Reaffirms Commitment to Deepening Strategic Partnership with EgyptIndia's External Affairs Minister, S. Jaishankar, joined the Egyptian Embassy in New Delhi to celebrate Egypt's National Day, underscoring the rapidly evolving strategic partnership between the two nations.

In his address, Jaishankar conveyed the Indian government's warmest wishes to the people and leadership of Egypt, highlighting the significant progress made in bilateral relations over the past year. He noted that the relationship, which was elevated to a strategic level during Prime Minister Narendra Modi's visit to Cairo in June 2023, has been living up to its new nomenclature with substance, activities, and enthusiasm.

Delving into the economic sphere, the External Affairs Minister drew attention to the remarkable intensification and diversification of India-Egypt trade and investment cooperation. He stated that more than 50 Indian companies have already invested in various sectors of the Egyptian economy, with pharmaceuticals, electronics, and green energy emerging as key focus areas. Jaishankar also expressed optimism about the opening of the Egyptian market to India's agro-exports, particularly wheat.

On the defence front, the EAM spoke about the expanding collaboration between the two countries, including regular bilateral exercises, as well as exercises between Special Forces, and frequent visits by Indian naval ships to Egyptian ports. He observed that the defence industries of both nations are refreshing an old tradition through new activities and collaboration.

Cultural cooperation was also highlighted as an important pillar of the India-Egypt relationship. Jaishankar appreciated the growing popularity of yoga in Egypt, a fact that was acknowledged by Prime Minister Modi during his Yoga address on the 2024 International Day of Yoga.

The External Affairs Minister also touched upon the close cooperation between India and Egypt at various international forums. He applauded Egypt's active participation in the G20 during India's presidency and reiterated India's strong support for Egypt's membership in the BRICS group of nations.

In a gesture of personal rapport, Jaishankar fondly remembered his warm and comfortable working relationship with the former Egyptian Foreign Minister, Sameh Shoukry, and expressed hope for developing a similar rapport with the new Foreign Minister.

Concluding his speech, the Indian External Affairs Minister emphasised the Indian government's unwavering commitment to taking the India-Egypt strategic partnership forward, underscoring the immense potential for further growth and collaboration between the two nations.

The National Day celebration was attended by senior Indian government officials, diplomats, business leaders, and members of the Indian and Egyptian communities, underscoring the strong ties and mutual respect between the two countries.

MENAFN30072024000153011029ID1108497102