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Egypt for further strengthening of trade ties with India

NEW DELHI: President of Egypt Hosni Mubarak, who arrived here on Sunday, has called for further expansion in trade relations with India by building on the spectacular growth recorded in the past four years.

Addressing apex chambers here on Monday, Mr. Mubarak noted that the surge in two-way trade in four years was marked by diversification. “I am sure there is room for further expansion,” he observed.

Mr. Mubarak pointed out that Indian industry had invested in over 200 Egyptian companies, he was hopeful of investments touching the $2-billion mark in the coming few years. Present Indian investments cover services, ICT, construction, financing, agriculture, oil and gas as well as tourism.

“Similarly, Egypt has witnessed a remarkable economic transformation process. The reforms we have pursued have reflected positively in our macro-economic indicators. Egypt has emerged as one of the leading economies in Africa and Middle East and is ranked as the most attractive destination for foreign direct investments in its region,” said Mr. Mubarak.

Speaking on the occasion, Commerce and Industry Minister Kamal Nath also emphasised the need for closer trade and economic ties between India and Egypt.

India prefers Egypt and gets similar treatment from it not only on the trade front but also in areas of business and economic relations. Therefore, the two countries should strive harder to achieve the two-way trade as per their potential, Mr. Nath felt.

Former Assocham President Anil K. Agarwal was of the opinion that apart from communication, technology and industry, India and Egypt needed to intensify their trade relations in agriculture and allied sectors.

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