India—Egypt Trade Target set at 5 Billion USD by 2011 said Mr Ahmad Fathalla at PHD Chamber

Indo-Egypt trade target has been set at 5 Billion USD by 2011. In 2007-8 the trade relationship between India and Egypt stood at $3.38 billion from $597.38 million in 2004-2005. Still much more needs to be achieved since India’s total trade with Egypt is even now less than 1%.  This was disclosed today at an interactive session organised by PHD Chamber with Mr. Ahmad Fathalla, Ambassador Assistant (Asian Affairs) to the Minister of Foreign Affairs of Egypt. He is in India on a 2 day mission to increase trade ties and improve business relationships. Egypt is keen on trade and investment from India. Egypt is keen on investments in pharmaceuticals and renewable energy, technology transfer and cooperation in HR.

Commerce between both the countries has grown at a healthy rate and India has a huge potential.  Discussions to update the existing Avoidance of Double Taxation Agreement between the two countries were underway. This should enhance trade and business activities, said Mr. Fathalla. 

"We are also proposing to have a Comprehensive Economic Cooperation Agreement between both the countries.  Since trade was linked to transport and communications, the two sides were also working on an agreement on maritime transportation”, added Mr. Fathalla.  He also stressed on the need to promote tourism. .