India, Egypt trade touches $3 billion

Despite global financial crisis, trade volume between India and Egypt stood at $3 billion in the last fiscal, Indian Ambassador to Egypt R Swaminatan has said.

At a press briefing to mark the Indian Independence Day, Swaminatan on Tuesday hailed the historic relations between Egypt and India and referred to them as "two champions among the developing world and leader countries in their respective regions".

Citing the achievements India had made in the 63 years of independence, the Ambassador noted the recent launch of four Indian satellites from the Poly Satellite Launching Vehicle, and also referred to the $35 laptop developed.

The ambassador said expectations were for the price of laptop to reach ten dollars.

He said the financial crisis had "a major effect" but India was able to sustain a 7.2 per cent growth that reached 8.6 during the last quarter.

The ambassador noted that the target growth this year is 8 per cent and 9 per cent the next and for India to become the fastest growing economy within four years.

He also referred to the ongoing preparations for a visit to Egypt by top Indian officials -- the External Affairs minister who is expected to visit Egypt in September for talks with his Egyptian counterpart, the speaker of the Parliament, the minister of urban development and the minister of state for industry and trade.

Egyptian Minister of Oil Sameh Fahmi and Minister of Electricity and Energy Hassan Yunis will pay a visit to India as well, he added.

Despite the fallout from the global financial crunch, trade between Egypt and India hit $3 billion last year, while Indian investments in Egypt reached $2 billion, the ambassador said, pointing out that 44 Indian companies were operating in Egypt.

An Indian company plans to establish a factory in Port Said to manufacture PVC which is used in pipelines and tanks with investments amounting to $1.3 billion, he said.

He pointed out that 45 Egyptian employees received training courses in India last year in various fields, adding that the number is expected to reach around 70 this year. He voiced belief that inaccurate media reports have not affected the export of Indian meat to Egypt asserting the fact that his government exerts utmost efforts to present high quality commodities at suitable prices.

Touching on the issue of cooperation between Egypt and India in the nuclear energy domain, he said, the visit to India by Fahmi and Yunis aimed at probing cooperation in the fields of energy and oil in general and not nuclear energy in particular.

However, India is ready to discuss cooperation with Egypt in field of peaceful use of nuclear energy, he added.