Egyptian and Indian flags - file
CAIRO - 21 August 2024: Minister Plenipotentiary Yehia El Wathek Billah, Head of the Egyptian Commercial Representation, stressed the importance of the growing strategic partnership between Egypt and India during his speech at the 19th India-Africa Business Conference, organized by the Confederation of Indian Industry.
The Head of the Commercial Representation pointed out that the India-Africa Business Conference, which was first launched in 2005, has played a pivotal role in strengthening multi-dimensional relations between India and African countries, praising its role as a key platform for increasing interaction, identifying new areas of cooperation, and exploring mutual opportunities.
He also stressed that trade and investment relations between India and Africa have witnessed significant growth over the past years, as the volume of trade exchange between India and Africa increased from $6.3 billion in 2002 to more than $100 billion in 2023.
India is Africa's third largest trading partner, while Egypt is India's sixth largest trading partner. In this context, the head of the commercial representation explained that the volume of bilateral trade between Egypt and India has increased fivefold over the past decade, reaching $7.3 billion in the fiscal year 2021-2022, and about $5.4 billion in 2023.
He pointed out that India is also one of the largest investors in the African continent, as cumulative Indian investments in Africa amounted to $74 billion, and Egypt was the largest African country receiving Indian investments in 2022, with six projects worth $21 billion.
Minister Plenipotentiary Yehia El-Watheq Billah also stressed Egypt's readiness to enhance tripartite cooperation between India and Africa, considering Egypt the ideal gateway for India to access African markets. He referred to the economic reforms implemented by Egypt to improve the business climate, including the introduction of the “Golden License” to simplify the process of establishing and operating investment projects, in addition to providing special incentives in free and special economic zones to attract foreign investors.
During his speech, the Head of Commercial Representation referred to the success stories achieved by Indian companies in Egypt, praising the cooperation between the two sides in areas such as renewable energy and green hydrogen, which witnessed the signing of framework agreements worth up to $ 12 billion, noting that there are huge potentials and opportunities to attract more Indian investments, especially in the fields of pharmaceutical and medical industries, automotive components, leather sector, renewable energy, information technology and digital services, textiles and ready-made garments, driven by the huge potential for cooperation between India and Africa, stressing that Egypt’s strategic location, strong infrastructure, and favorable business environment provide a distinct opportunity for Indian companies wishing to expand their presence in the African continent.
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