Egypt’s Minister for Investment El Khatib stresses the need to significantly increase trade with India, aiming to triple or quadruple current volumes. He highlights collaboration in food and energy sectors as key, as well as addressing global trends of nationalism and protectionism. El Khatib acknowledges Africa’s potential while pointing out logistical challenges that need tackling for effective trade between nations.
Egypt’s Minister for Investment and Trade, El Khatib, emphasized the need to enhance trade ties with India, stating that current trade volumes are far below potential. During an interview with Mihir Swarup Sharma at the Raisina Dialogue, El Khatib highlighted the importance of tripling or quadrupling trade, rather than increasing it by modest percentages. He fundamentally believes that “trade and investment are the lifeblood of economies.”
El Khatib noted the prospects for collaboration in food and energy security sectors. He pointed out Egypt’s ambitions to establish itself as a green energy hub, utilizing its vast lands and renewable resources. With plans to add 65 GW of energy generation by 2040, of which the majority will be green energy, he also mentioned the potential for green hydrogen production once pricing hurdles are overcome, stating: “Energy security and economic resilience are what matter most going forward.”
Discussing the broader global context, El Khatib remarked that globalization as known in the past three to four decades is fading, being replaced by nationalism and protectionism. He sees Egypt’s focus as crucial for competitiveness, particularly in a challenging regional environment, emphasizing the necessity for a conducive business landscape to attract foreign direct investment (FDI).
El Khatib reflected on Egypt’s post-revolution development initiatives, which include significant infrastructure projects like roads, new cities, and power developments. He expressed optimism regarding Africa’s trade potential through agreements like the African Continental Free Trade Agreement, while acknowledging challenges like transportation and logistics. He urged for strategic trade partnerships that prioritize industrialization within Africa, not only raw material exports, saying, “Trade with Africa must be balanced.”
In essence, the dialogue underscores Egypt’s commitment to strengthening ties with India and navigating both regional and global economic landscapes to optimize trade and investment opportunities.
Egypt aims to boost trade with India by significantly increasing current volumes, leveraging synergies in food and energy security, and adapting to global economic shifts towards nationalism. With an emphasis on infrastructure development and competitiveness, Egypt is poised to enhance its trade relations and address challenges in Africa through strategic agreements. The country’s vision reflects a proactive approach to economic resilience in a shifting world order.
Original Source: www.firstpost.com
