By: Norhan Mahmoud
CAIRO, Mar. 12 (SEE)- Last year, bilateral trade in-between Egypt and India tuned at $3.55 billions and is expected to reach $5 billions in the upcoming years, as per India’s Ambassador to Egypt Mr. Rahul Kulshreshth.
“There was a 15% positive increase in bilateral trade between our countries in 2018,” said Kulshreshth.
Speaking in front of various Egyptian and Indian attendees, Mr. Kulshreshth pointed out that both countries’ leaders have established a strong partnership, benefiting their peoples.
Aiming to enhance dual relations, the Indian Embassy in Egypt organized “India-Egypt Business Seminar” as part of “India by the Nile” cultural festival. The event allowed both sides to exchange ideas related to the Indian government’s programs.
Before else, Egypt must work on stabilizing its incommensurate trade balance with India, according to Dr. Mahmoud Soliman, the Head of Investment Committee, Federation of Egyptian Industries (FEI).
“An existing $1.3 billions deficit favors India over Egypt,” added Soliman. “So, we have to develop our relations and increase cooperation. Indeed, Egypt has much to learn from India’s experience with the small and medium enterprises (SMAS)”
From healthcare to petrochemicals, agriculture and renewable energy, India has made headlines whilst exceptionally utilizing technology to transform its ecosystems.
To foster the Indian involvement across Egypt and the Arab world, Dr. Asser Salama, Deputy Chairman of Egypt-India Business Council, proposed instituting an Indian-Arab Chamber of Commerce.
“We have the potential to lead the globe through strategic planning,” assured Salama.
Salama also called upon establishing an Egyptian-Indian industrial zone at the Suez Canal, expediting trade into Africa.
Although, entrepreneurial generations get along easier than their predecessors, yet Eng. Mostafa ElNaggari, Chairman of the Export Committee, Egyptian Businessman Association (EBA), believes that setting up a solid base for investors is crucial.
Invest India’s CEO Mr. Deepak Bagla was the star of the seminar. Thanks to his informative presentation that edified all of how swiftly his country attained the “most unprecedented transformation ever in human history.”
India’s progress was based on three pillars; economic, social and political. “All changes happening at the same time aided in creating an infliction point for taking off.”
Internationally, India is one of the most open economies. It is also the top green field destination on the planet.
Meanwhile, the Asian giant is the world’s 6th largest economy and its market is packed with investment opportunities.
“By 2045, our economy is forecast to be the second largest worldwide,” said Bagla. “India’s story has just only begun.”
Socially, Indian women and youth enjoy pioneering support. And, the profitably growing pace of business enhances their passion to partner for the benefit of all.
India counts its 1.3 billion population as human capital not a heavy burden.
The Indian government targets initiating inventive friendly communities, especially rural ones. By 2022, the target is to create 100 smart cities.
Interestingly, India is the 2nd largest country on the Internet, “every second 3 new people join the net, and one of them is a villager.”
“Startup India” is where potency exists between Egypt and India.
“Indian developers launch virtual solutions addressing various needs at a cost less than one tenth. Let’s create job-makers instead of jobseekers.”
“We both can make Egypt’s economy the largest in Africa,” concluded Bagla. When we partner it will add to the value sheet for everyone.”
“Policies help in building nations but it is all about passion.”
Across various sectors, 50 companies outlay $3 billions of investments in-between Egypt and India.