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Mahesh

29/07/22 05:42 AM IST

5th Session of India-Egypt Joint Trade Committee

In News 
  • 5th Session of India-Egypt Joint Trade Committee and 5th India-Egypt Joint Business Council Meeting held recently in Cairo.
Details 
  • The 5th India-Egypt JTC took place in the backdrop of robust growth in trade and investment ties between India and Egypt.
  • Bilateral trade reached a historic record high of USD 7.26 bn in FY 2021-22 which is an increase of 75% over FY 2020-21.
  • Egypt is also one of the largest investment destinations for India in the region with existing Indian investment of USD 3.15 bn.
  • Indian companies continue to execute several projects in Egypt.
  • Joint Business Council (JBC) was jointly organized by FICCI and Egyptian Commercial Services.
  • A large business delegation from India is currently visiting Egypt to participate in the JBC and to hold B2B interactions with their Egyptian counterparts.
Significance for India 
  • India has good relationships with Egypt as well as all the GCC states including Qatar. Such reconciliation and rapprochement between countries in the region could expand the opportunities for India.
  • The Gulf region is one of the biggest markets for Indian goods and is the most important supplier of hydrocarbons to its economy. Peaceful relationships between these gas and oil reserve rich states are favourable to catering to the energy needs of India.
  • The Gulf countries host more than millions of Indian migrants. They are mostly the workers who carry out development activities and they are the prime sources of remittances to India.
Source- PIB 

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