Mursi to hold talks with Manmohan on trade ties on Tuesday

Mursi to hold talks with Manmohan on trade ties on Tuesday New Delhi: Egypt's President Mohammad Mursi will hold bilateral talks with Prime Minister Manmohan Singh here on Tuesday, seeking to deepen relations with India and to make it a partner in his country's development.

Mursi, who came to power after Egypt's first democratic elections last year, is likely to focus on betterment of trade ties besides boosting bilateral relations

India is now Egypt's 7th largest trading partner. Egyptian goods exported during the last one year alone have grown by 36.41 percent, rising from USD 1.7 billion to USD 2.3 billion. The rapid increase in India's imports has pushed it to the position of the second largest destination for Egyptian exports after Italy.

However, crude oil and LNG account for almost USD 1.97 billion. Apart from these, raw cotton, rock phosphate, coke and semi-coke of coal are also important import goods.

Out of the 50 Indian companies operating in Egypt with a combined investment of roughly USD 2.5 billion, approximately 25 companies are joint ventures and wholly-owned Indian subsidiaries.

The Indian companies provide direct and indirect employment to approximately 35,000 Egyptians. The top 5 Indian companies alone, mainly in the labour-intensive textile industry, provide direct employment to more than 12,800 Egyptians.


PTI