India and Egypt have agreed to expand bilateral trade beyond their current $7.26bn to a target of $12bn within the next five years.
The leaders of both countries expressed confidence in their strong bilateral engagement, hoping for more expansion of their trade agreement.
Egypt President, Abdel Fatteh El Sisi consented to the proposal of increasing New Delhi investment in Egypt, as Sisi considered allocating land for Indian industries at the Suez Canal Economic Zone.
President El Sisi stressed that it would give dividends to India to develop the zone according to their master plan as it’s perceived as an emerging international commercial hub with six ports.
Prime Minister Modi and President Sisi emphasized the importance of defense cooperation in enhancing their bilateral partnership, with a focus on deepening the relationship between defense industries to explore new initiatives to intensify military-to-military engagement.
India’s PM also invited Egypt’s president to participate in the G-20 summit in India which is scheduled for September.