Jaishankar reposes faith in Egypt’s credibility as ‘investment destination’
Egyptian President Abdel Fattah El-Sisi urged India to increase the turnover of trade and also said that the current revenue was not enough.
Reposing faith in Egypt's credibility as an investment destination, External Affairs Minister S Jaishankar on Sunday highlighted that many well-reputed Indian companies are coming to invest in the country, according to the news agency ANI.
"Well-reputed Indian companies are coming out to a destination like Egypt, assessing the possibilities here favorably. I think this says a lot about our companies and your credibility as an investment destination. I see a world of possibilities here," said Jaishankar while addressing the India-Egypt Business Forum.
Meanwhile, Egyptian President Abdel Fattah El-Sisi urged India to increase the turnover of trade and also said that the current revenue was not enough.
"I had the honor to call on President Abdel Fattah El-Sisi. Our two colleagues spoke referring to a trade turnover of 7.2 billion dollars. President Sisi told me he doesn't think it's enough. So, he urged us, saying, find ways of increasing it," said EAM Jaishankar as quoted by ANI.
He further talked about the wheat agreement that took place between India and Egypt this year.
"This is the first year after a gap or perhaps the first year ever that Egypt has bought wheat from India. But unfortunately, for us, it turned out to be a difficult year weather-wise for agriculture, and therefore some substantial initial supply was not something we could continue," the minister said.
Due to the conflict between Russia and Ukraine, Egypt faced a shortage of wheat, which is imported from these two countries for 80 percent of its needs. India was added to the list of accredited nations that can supply Egypt with wheat on April 14, 2022, ending a long-standing non-tariff barrier, as per ANI reports.
Egypt has contracted to buy 180,000 tonnes of wheat from India, a deal that is part of the country's efforts to diversify its wheat supplies. In May that Egypt had agreed to buy 500,000 tonnes of wheat from India but a contract had not been signed.
(With ANI inputs)
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First Published:17 Oct 2022, 06:50 AM IST
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