BAKU, Azerbaijan, June 27. During Prime Minister Narendra Modi's visit to Egypt, the bilateral ties between India and Egypt were elevated to a "strategic partnership", Trend reports.
Discussions between PM Modi and Egypt's President focused on enhancing the partnership in various areas, such as trade, investment, defense, security, renewable energy, culture, and people-to-people connections.
On the concluding day of PM Modi's visit, India and Egypt signed a significant strategic partnership treaty. This agreement was previously agreed upon during Egyptian President Abdel Fattah el-Sisi's visit to New Delhi as the chief guest for the Republic Day parade in January.
Egypt has expressed keen interest in attracting more Indian investments and has proposed utilizing Egypt's geographical location as a gateway to Europe, West Asia, and Africa. They have also offered the possibility of establishing an industrial zone for India in Egypt.
By strengthening ties with Egypt, India aims to reinforce its leadership position within the Global South and deepen relations with an Arab nation beyond the Persian Gulf region.
During their meeting, Modi and the Egyptian President held a private one-on-one conversation, building on the discussions from the latter's visit to New Delhi in January. Economic cooperation, including Indian investments in infrastructure projects such as the Suez Canal Authority, were key topics, and agreements were signed in the fields of agriculture and healthcare.
India's bilateral trade with Egypt reached $6.06 billion in 2022-23, with India maintaining a trade surplus. Major Indian exports to Egypt include diesel, organic chemicals, heavy machinery, iron and steel, and cotton. Refined petroleum is the primary import item from Egypt.
The Indian Embassy in Cairo reports that more than 50 Indian companies have invested over $3.2 billion in sectors such as apparel, agriculture, chemicals, energy, automobiles, and retail. These investments have created employment opportunities for approximately 35,000 Egyptians. Notable Indian investments in Egypt include TCI Sanmar Chemicals, Alexandria Carbon Black, Kirloskar, Dabur India, Flex P Films, Scib Paints, Godrej, Mahindra, and Monginis.