Egypt, India seek to strengthen economic ties
A report issued by the India Information Center states that Egypt "has traditionally been India's largest trading partner in Africa" and the Middle East.
Predominant Indian exports to Egypt consist of cotton yarn, machinery, transportation equipment and sesame seeds. Sesame exports alone amount to $15 million. Egyptian exports to India crude petroleum, petrochemicals, fertilizers, metal ores, scrap metal and cotton.
The Engineering Export Promotion Council (EPPC) of India is sponsoring the INDIA-TECH 2000 Exhibition from September 23-26, 2000 in the Nasr City, Cairo. Over 25 leading Indian engineering firms will participate in this Exhibition.
One of the major participants would be the Electronics and Computer Software Export Promotion Council (ESC), an autonomous organization under the Ministry of Information Technology, Government of India, which is the premier nodal agency that promotes India’s trade and strategic alliances in the areas of Information Technology and Electronics.
The bilateral trade between India and Egypt stands at approximately $0.5 billion per year, the Middle East Times reported. With both nations engaging in the process of liberalizing their economies, thereby adopting free market policies, experts contend that trade can increase. Both economies represent large markets, and Egypt represents a gateway to three continents. India for example, boasts the second largest population in the world, and has a growing middle class community of 200 million.
Indian businesses recently signaled interest in investing in Egyptian manufactured products, hardware and software, electronics, chemical plants, food processing, steel and the agricultural sector. According to the Egyptian General Authority for Investment (GAFI), there were 32 investment proposals from Indian firms for projects in Egypt received by GAFI in 1996, which makes India the 12th largest investor in Egypt with a total investment of E£1.11 billion.
Egypt's share of India's exports currently constitutes 15 percent, up from $128 million in 1994 to over $269 million in 1999. Egypt's exports to India in 1999 reached $235.5 million compared to $166.4 million in 1998. Total two-way trade between both nations expanded from $410 million in 1997 to $504.7 million in 1999, marked by a balance of trade in favor of India by $33.7 million. –(Albawaba-MEBG)
© 2000 Mena Report (www.menareport.com)