Bilateral trade between Egypt and India has expanded by 80% in 2021 and is likely to reach a record high this year, according to Ambassador of India to Egypt Ajit Gupte.
Trade between the two countries from April to October 2021 stood at $3.8bn, a y-o-y increase of 80%, with Egypt’s exports to India increasing by 63% during the same period and India becoming the largest export destination for Egyptian products, Gupte said.
He added that the coronavirus pandemic has posed a major obstacle to diplomatic exchanges, however, 2021 witnessed remarkable momentum in the development of bilateral relations between India and Egypt.
Gupte also pointed out that eight business delegations and Export Promotion Councils from India took part in trade fairs organised in Egypt between August to December 2021. For almost all the Indian delegations, it was their first overseas trip since the pandemic began.
The ambassador’s remarks came during a press conference on the occasion of the 73rd Republic Day of India.
“On 26 January 1950, our nation’s idealism and convictions took shape in the constitution of India. The framers of our constitution gave us a sovereign, democratic republic, and pledged to secure justice, liberty, equality, and fraternity for all citizens. In the last seven decades, India has grown into a vibrant, diverse and dynamic democracy; respected across the world,” Gupte explained.
He also talked about India’s economy, mentioning that despite the pandemic, India’s economic recovery has been rapid, and its GDP is expected to grow by 9.5% in FY 2021/22. Furthermore, India’s GDP is estimated to expand by 7.8% in FY2022/23.
He affirmed that India continues to remain a very attractive destination for foreign investors and received a record $82bn in foreign direct investments in 2021.
“India’s foreign trade has expanded vigorously, with our exports increasing by 48% to cross $300bn between April and December 2021 and likely to cross $400bn for the entire year,” he revealed.
Additionally, he mentioned that India’s services exports are also likely to reach $250bn in FY 2021/22.