New Delhi: Engineer Hassan Al-Khatib, Minister of Investment and Foreign Trade of Egypt, met with Mr. Piyush Goyal, the Indian Minister of Commerce and Industry, to explore avenues for enhancing economic relations and increasing bilateral trade and joint investments. This meeting is a part of Al-Khatib’s ongoing visit to India.
According to State Information Service Egypt, the Egyptian minister expressed the nation’s interest in attracting more Indian investments into Egypt’s market, particularly in sectors such as new and renewable energy, chemicals, automotive manufacturing and components, pharmaceuticals, textiles, and information and communications technology. He assured that the Egyptian government is prepared to offer comprehensive support and facilities to Indian investors.
Al-Khatib highlighted the anticipated growth in Indian investments in Egypt, especially following major agreements by Indian companies in the energy sector. This includes two significant agreements for producing green hydrogen and green ammonia in Egypt, with an investment cost reaching $12 billion, alongside other investments in various sectors.
The minister also mentioned ongoing efforts by the Egyptian government to foster a conducive investment environment by enhancing infrastructure, developing new ports, and establishing strategic economic zones like the Suez Canal Economic Zone. This zone is poised to become a significant global economic hub due to its strategic location, providing links to global markets, especially in Europe.
Further, Al-Khatib extended an official invitation to Mr. Piyush Goyal to visit Egypt in 2025 to further bolster bilateral relations and explore additional opportunities for economic cooperation.
Mr. Piyush Goyal accepted the invitation, reiterating India’s commitment to strengthening economic cooperation with Egypt, recognizing it as a key player in the Middle East and Africa. He also assured the facilitation of Egyptian products, particularly agricultural exports, into the Indian market.
The meeting included discussions on a forthcoming visit by a delegation from the Indian Ministry of Commerce and Industry, alongside business representatives from the Indian Industries Federation to Egypt. This visit aims to explore the Indian industrial zone project within the Suez Canal Economic Zone.
Both ministers expressed optimism about increasing trade volume between the two nations over the next five years, targeting a rise from $4.2 billion in 2024 to $12 billion, aligning with agreements from the joint trade committee meetings held in September 2024.
The meeting concluded with a review of the progress in implementing previous agreements, particularly in facilitating the entry of certain Egyptian agricultural products into Indian markets, as decided during the sixth session of the joint trade committee in September 2024.
Ambassador Kamel Galal, Egypt’s Ambassador to India, and Trade Commissioner Mustafa Sheikhoun, Head of the Trade Representation Office in India, were also in attendance.