Cairo: Minister of Industry Khaled Hashem announced Egypt's initiative to establish an Egyptian-Indian industrial integration platform aimed at uniting companies from both nations to explore opportunities for joint production and supplier development. This platform will focus on manufacturing for export to regional markets, facilitating component exchange and enhancing partnerships.
According to State Information Service Egypt, Hashem emphasized Egypt's potential to become a manufacturing hub for Indian products targeting Middle Eastern and African markets. By leveraging India's experience in producing high-quality goods at competitive costs, Egypt aims to expand its industrial footprint, especially in products catering to middle-income segments.
Hashem's remarks came during a meeting with Indian Minister of Commerce and Industry Piyush Goyal on the sidelines of the BRICS Industry Ministers' Meeting in Jaipur, India. The meeting, attended by Egyptian Ambassador to India Kamel Galal and Assistant Minister of Industry for International Cooperation Ahmed Maghawry, focused on expanding industrial and investment cooperation between the two countries.
The ministers explored productive partnerships that could capitalize on the industrial capabilities and technological expertise of both nations. Hashem noted that the current level of industrial cooperation does not reflect the potential available, and highlighted shared development priorities such as supporting SMEs, developing rural areas, and diversifying supply chains.
Egypt seeks to learn from India's regulatory reforms to better support economic activity and reduce administrative burdens on SMEs. Hashem also expressed Egypt's interest in attracting Indian investments in targeted sectors and expanding cooperation with Indian SMEs.
Promising areas for industrial cooperation identified include automotive components, pharmaceuticals, renewable energy, and financial technology. The two sides agreed to conduct a joint study to identify priority sectors for industrial integration, examining market needs and investment incentives.
The ministers also discussed enhancing cooperation in digital payments and exploring local currencies for trade transactions to facilitate trade flows. Plans to convene the seventh session of the Egyptian-Indian Joint Trade Committee were also discussed, potentially coinciding with an Indian ministerial visit to Egypt.
Indian Minister Goyal highlighted the complementarities between the two economies and stressed the importance of translating talks into concrete projects. He reviewed India's experience with insolvency laws and affirmed India's readiness to share technical expertise with Egypt.