India-Egypt Business Forum sees world of possibilities

Indian Minister S Jaishankar reposed faith in Egypt's credibility highlighting the fact that many well-known Indian companies were coming to invest in the country.

Addressing the India-Egypt Business Forum, Jaishankar said, "Well-reputed Indian companies are coming out to a destination like Egypt, assessing the possibilities here favourably. I think this says a lot about our companies and your credibility as an investment destination. I see a world of possibilities here."

Egyptian President Abdel Fattah El-Sisi urged India to increase the turnover of trade and also said that the current revenue was not enough, Minister S Jaishankar stated. Jaishankar also said that one of the ways to expand in business is to focus on the impediments.

Talking about the wheat agreement that took place between India and Egypt, Jaishankar said, "This year, 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."

India banned wheat exports in May because of lower domestic production, but made allowances for countries like Egypt with food security needs.

Jaishankar, who is on a two-day official trip to Egypt for his first bilateral visit, held discussions with Egyptian President Abdel Fattah El-Sisi today and highlighted India's commitment to the success of COP27 under the Egyptian presidency.

(ANI)