India will take part in Egypt Economic Development Conference (EEDC), set for March 13 to 15, with a high profile delegation led by India's Ambassador here Navdeep Suri, involving 43 members representing 25 Indian companies.
The delegation includes companies operating in various fields in Egypt, namely; Egyptian Indian Polyester Company (EIPET), Ranbaxy Egypt Limited for Pharmaceticuls, TCI Sanmar and Essel Propack Egypt.
Indian Prime Minister Narendra Modi sent a message to President Abdel Fattah El Sisi on Feburary 7 greeting him on Egypt's hosting of the conference and reiterating his commitment to boosting relations between India and Egypt in all domains.
Egypt has been traditionally one of India’s most important trading partners in the African continent. The India-Egypt Bilateral Trade Agreement has been in operation since March 1978 and is based on the Most Favored Nation clause and our bilateral trade has increased more than five times in last ten years. According to Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS), India is Egypt’s 6th largest trade partner. It is the 2nd largest importer of Egyptian goods after Italy.
The total trade increased from USD 0.73 billion in 2002-03 to USD 4.95 billion in 2013-14. The top five Indian exports during 2013-14 were: wheat, petroleum crude and products, transport equipment, cotton yarn, machinery and instruments. While the top five Indian imports were petroleum: crude and products, fertilizers, cotton raw, inorganic chemicals & others. Compared to last year Indian exports decreased by 11.56% in 2013-14, whereas Indian imports decreased by 8.42% for the same period resulting in the positive trade balance for India by US$ 224 million. India is seeking to increase these numbers by building on our existing partnerships and enhancing conditions for trade and investment in the region as a whole.