Egyptian President Abdel Fattah El-Sisi and Indian Prime Minister Narendra Modi have expressed confidence that a bilateral trade target of USD 12 billion could be achieved within the next five years by both countries, by diversifying the trade basket and focusing on value addition.
The Egyptian side welcomed the flow of more Indian investments and promises to offer incentives and facilities as per applicable regulations and frameworks. On its part, India underlined its support for this approach by encouraging its companies.
The Egyptian side is actively considered the possibility of allocating a special area for the Indian industries in the Suez Canal Economic Zone (SCEZ), and the Indian side can arrange for the master plan, according to the statement.
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