Egypt pushes for stronger trade, investment ties with India at BRICS meeting

Egypt is seeking to deepen economic cooperation with India and attract more Indian investments, Foreign Minister Badr Abdelatty said during talks with India’s Commerce and Industry Minister Piyush Goyal on the sidelines of the BRICS foreign ministers’ meeting in New Delhi.

Abdelatty said Egypt is keen to support Indian companies looking to expand in the Egyptian market, as Cairo seeks to strengthen partnerships with major Indian firms across several sectors.

The minister highlighted Egypt’s efforts to build industrial integration and sustainable production partnerships with India, pointing to the country’s strategic location and extensive free trade agreements that provide Indian exporters access to Arab, African, European, and Latin American markets.

He also showcased investment opportunities in the Suez Canal Economic Zone, stressing ongoing reforms aimed at improving the business climate, boosting transparency, and increasing private sector participation in the economy.

The talks also touched on preparations for the eighth session of the Egyptian-Indian Joint Committee and plans to establish a joint chamber of commerce to further boost trade and investment cooperation.

For his part, Goyal reaffirmed India’s interest in expanding economic ties with Egypt and exploring new opportunities for joint investments and bilateral trade.

The meeting comes amid growing economic cooperation between Cairo and New Delhi. Earlier, India’s Ambassador to Cairo Suresh K. Reddy said Egypt and India are close to implementing a local currency trade agreement using the Egyptian pound and Indian rupee, with technical negotiations between the two countries’ central banks reaching advanced stages.

According to Reddy, the mechanism is expected to enter into force later in 2026 and aims to reduce pressure on foreign currencies while facilitating the flow of goods and services between the two countries.

The ambassador said bilateral trade between Egypt and India currently stands at around $6 billion, while Indian investments in Egypt have reached nearly $5 billion, concentrated in sectors including manufacturing, clean energy, and food processing.

Reddy also revealed that major Indian pharmaceutical companies are considering using Egypt as a manufacturing and export hub for the African market, benefiting from Egypt’s strategic location and trade agreements across the continent.

He added that Indian firms are studying new investment opportunities in food industries and clean energy, alongside advanced plans to establish phosphate production facilities in Sokhna and the New Valley.