Acting Ambassador of India in Cairo, C. Sushma, announced that a delegation from the Indian business community will visit Egypt in June, emphasizing that Indian companies see Egypt as a strategic investment destination due to its geographic location and extensive network of export agreements with global markets.
Speaking at a press conference, Sushma revealed that two Indian companies had already visited Egypt on Sunday to explore opportunities for establishing factories. Discussions centered on cooperation in the rock phosphate sector, with a focus on local manufacturing in Egypt to replace current imports of the raw material.
She highlighted that Egypt-India relations were elevated to the level of a strategic partnership in 2023, marked by reciprocal visits from the leaders of both countries. “Indian investments in Egypt have reached $4bn, and we aim to increase that to $12bn in the coming years,” she said.
Sushma also noted that political dialogue between the two countries continued into 2024, with high-level meetings taking place on the sidelines of the BRICS and G20 summits.
She stated that there is growing interest in cooperation in the digital technology sector and that more collaborative ventures between Egypt and India are expected in the near future.
Outlining current economic ties, Sushma explained that trade between the two countries reached approximately $4bn in the 2021–2022 fiscal year, with ambitions to triple this figure to $12bn. Ongoing negotiations are also underway to expand cooperation in agriculture and food security. India is a major exporter of rice to Egypt and imports phosphate in return. The two countries are now working toward the establishment of a joint phosphate production plant in Egypt to further support the agricultural sector.
The Acting Ambassador also disclosed that plans are in motion to create an Indian industrial zone within the Suez Canal Economic Zone (SCZONE). She identified key sectors for cooperation, including automotives, railways, and pharmaceuticals. Discussions on these topics, as well as the proposed industrial zone, will be held with officials from the SCZone and Egypt’s Minister of Trade and Industry in the near future.
Sushma reiterated that Indian companies are increasingly drawn to Egypt because of its strategic geographic position and the multitude of trade agreements it holds with countries in Africa, the Middle East, and beyond.
She also revealed that Egypt’s newly appointed Foreign Minister, Badr Abdelatty, is expected to visit India soon for meetings with his Indian counterpart and other senior officials.
In closing, Sushma emphasized that relations between Egypt and India have firmly reached a strategic level. She confirmed that India’s new ambassador to Egypt will arrive in Cairo within days to officially assume his duties. She recalled that in 2023, bilateral ties reached new heights when President Abdel Fattah Al-Sisi visited New Delhi in January, followed by Indian Prime Minister Narendra Modi’s first official visit to Cairo in June. During Modi’s visit, both sides formally agreed to upgrade their bilateral relations to a strategic partnership.
