Egypt’s Minister for Investment and Trade, El Khatib, highlighted the limited trade between India and Egypt, advocating for a significant increase. He underscored the importance of collaboration in food and energy security and addressed the realities of global economic trends impacting both nations. The conversation revealed a proactive stance towards infrastructure development and trade initiatives in Africa.
In a recent dialogue surrounding trade enhancements between India and Egypt, Egypt’s Minister for Investment and Trade, El Khatib, expressed that current trade levels are minimal relative to the countries’ potential. Speaking with Mihir Swarup Sharma of the Observer Research Foundation, El Khatib cited both nations as “two of the world’s greatest civilisations” and stressed the need for a significant increase in trade volume beyond just a modest rise.
El Khatib highlighted that for meaningful progress, discussions should focus on tripling or quadrupling bilateral trade, emphasizing that “trade and investment are the lifeblood of economies.” He reflected positively on personal experiences in India, noting a mutual interest in tourism between the two nations yet pointed out the current trade limitations that require urgent attention.
The minister underscored the crucial sectors of food and energy security where collaboration could be fruitful. Egypt aims to become a green energy hub, leveraging its natural resources to add substantial renewable energy capacity by 2040. He mentioned plans to facilitate up to 65 GW of energy, focusing significantly on green energy, and recognized the importance of resolving pricing challenges linked to green hydrogen production.
In addressing Egypt’s navigation through the shifting global order, El Khatib remarked on the decline of globalization as previously experienced. He identified a trend toward nationalism and protectionism, noting that these developments are evident domestically and in Europe. He stressed Egypt’s commitment to remaining competitive, especially given its geopolitical context, by fostering a favorable environment for private sector growth and attracting foreign investment.
El Khatib also reflected on the extensive development efforts undertaken in Egypt post-revolutions, which include infrastructure improvements and the establishment of new cities and power projects. He remains optimistic about Africa’s trade potential, referencing various trade agreements that grant Egypt access to numerous markets.
However, he acknowledged existing challenges in the African trade landscape, such as logistical issues and high shipping costs, noting efforts to improve connectivity and infrastructure. He concluded with an assertion on the importance of balanced trade with Africa, advocating for regional industrialization rather than mere raw material exports.
The interview with Egypt’s Minister El Khatib emphasizes the critical need for India and Egypt to elevate their trade relations significantly beyond current levels. The focus on energy and food security, the impact of global trade dynamics, and the potential for regional trade agreements illustrate Egypt’s strategic vision in enhancing competitiveness and fostering economic resilience. El Khatib’s insights underscore a promising future for collaboration, conditional upon addressing existing challenges in logistics and infrastructure.
Original Source: www.firstpost.com
