Agro exports, line of credit to strengthen India-Egypt economic ties: Envoy
Pointing out that trade exchanges between India and Egypt have picked up pace in the last one year, outgoing Indian Ambassador to the Arab nation Sanjay Bhattacharya on Monday said the growth in agro-exports from India to Egypt and its acceptance of India’s line of credit facility can further boost bilateral economic ties.
The trade exchanges between India and Egypt have a scope of improvement. It reached around $5.5 billion in 2012 but has been on the decline since the Egyptian revolution. However, last year there was 15 percent increase in the trade between the two countries, said Bhattacharya, who would shortly be moving to Turkey as Ambassador.
There has also been a growth of agro-exports. Egypt relies entirely on irrigation for its cultivation. There are some issues about the Nile water resources. India can emerge as a long time reliable agricultural supplier, he noted.
The envoy said India’s line of credit of $10 billion to the African countries have also been accepted by the Egyptian government which would lead to much closer collaboration in the economic field.