Egypt seeks stronger trade ties with India

KOLKATA: Preferential treatment in trade, investment and technology transfer, information exchange about regulatory measures in financial markets and sharing of expertise and human capital are considered important factors for boosting trade between India and Egypt, said Egypt���s ambassador to India Mohamed Higazy.

Speaking at a meeting on Friday organised by Merchants��� Chamber of Commerce, Mr Higazy said his country is keen to accelerate joint cooperation in the fields of space technology, IT, biotechnology and alternative energies, as have been outlined by its president Mohamed Hosni Mubarak during his visit to New Delhi in mid-November, 2008.

Last year, about 1 lakh tourists from India visited the land of the Pharaohs. The number is expected to double this year. With Egypt growing by over 7% and India growing beyond that level, efforts should be made from both sides to double Indo-Egypt trade in two years from the existing $4- billion, said Mr Higazy.

India is the fourth largest trading partner of Egypt, followed by Italy, the US, and Saudi Arabia. By the end of 2008, Egypt���s exports to India recorded $2.2 billion and India���s exports to Egypt at $1.8 billion. As for the entire Arab world, its trade with India quadrupled from $8 billion in 2000 to $70 billion in 2007-08.

Indian investments in that country exceeds $2.2 billion in 2008. With no problem in getting land and for having a regulated financial system in place, many Indian companies are opting Egypt as an investment destination, which is the gateway to the Arab world, Africa and Mediterranean region, said the ambassador.

MCC president Anupam Shah, while making an observation on prospect of Indo-Egypt collaboration in trade and investments, said there are huge scopes to increase the collaboration in food processing industry and in agriculture.

These two areas may be included while talking about free trade agreement (FTA) between the two countries, he suggested. The FTA dialogue between the two nations, which is at primary stage, revolves around areas like chemicals & petro-chemicals, drugs & vaccines, communication & IT, iron & steel, building materials, automotive and its components.