New Delhi, Jan 25 (NationPress) Egypt has established an ambitious target to nearly double its trade with India, aiming for a significant increase to $12 billion in the upcoming years.

Currently, the trade volume between these nations is approximately $5 billion, a figure that Egypt considers to be substantially below the actual potential of their partnership.

During an address at the Foreign Correspondents’ Club of South Asia, Egypt’s Ambassador to India, Kamel Zayed Galal, emphasized that both countries have numerous opportunities for mutual growth, particularly in sectors such as energy, manufacturing, agriculture, and connectivity.

He revealed that Indian investments in Egypt, currently around $3.7 billion, are projected to surpass $10 billion in the future.

The Ambassador urged Indian businesses to view Egypt as a long-term strategic ally rather than merely a short-term market.

Cooperation in energy is becoming a focal point, especially in renewable energy and green hydrogen.

Galal highlighted Egypt's robust solar and wind resources, along with its developing infrastructure and convenient access to major global shipping routes.

These factors could position Egypt as a vital hub for green energy production and exports. He also mentioned fertilizers, agriculture, and industrial manufacturing as areas where enhanced supply chain connections could rapidly boost trade.

The Ambassador pointed out that Egypt’s industrial zones and free trade agreements with African and European nations offer significant advantages for Indian enterprises.

He noted that Egypt is not just a market for selling products but also a base for production and exports to broader regions.

With its ports on the Red Sea and Mediterranean Sea, along with the Suez Canal—responsible for about 12 percent of global trade—Egypt serves as a crucial global trade gateway.

India and Egypt elevated their relationship to a Strategic Partnership in 2023, following discussions between Prime Minister Narendra Modi and Egyptian President Abdel Fattah el-Sisi.

According to Galal, the focus has shifted from merely establishing ties on paper to achieving tangible economic outcomes.

Discussing Egypt’s foreign policy, the Ambassador stated that the nation advocates for strategic independence, cooperation among various nations, and respect for national sovereignty. Egypt steers clear of rigid political blocs, aligning closely with India’s perspectives, particularly regarding the necessity for reform in global institutions such as the United Nations.