Egypt, India pen MoUs on ICT, cyber security

Updated 1/25/2023 2:42:00 PM

ArabFinance: President Abdel Fattah El-Sisi and Indian Prime Minister Narendra Modi signed several memoranda of understanding (MoUs) in the areas of ICT, cybersecurity, youths and sports, broadcast, and culture, the Egyptian presidency stated on January 25th.

This came during El-Sisi’s three-day visit to India to participate for the first time ever in the South Asian country’s 74th Republic Day celebrations as the chief guest.

The Indian Prime Minister voiced his country's aspiration to enhance bilateral ties at various levels and maximizing trade between the two countries, through the participation of Indian companies in the implementation of mega national projects in Egypt.

"I have also emphasized to the Prime Minister the need to establish regular channels that would allow the sharing of expertise and knowledge with regard to successful experiments and initiatives in the two countries, particularly in developing local industries and small- and medium-sized enterprises (SMEs)," El-Sisi said in a press conference after he hold summit talks at Hyderabad House in New Delhi with Modi.

Furthermore, the Egyptian-Indian trade exchange will be increased to $12 billion annually, Modi was quoted as saying by Asharq Business on January 25th.

The volume of trade exchange between Egypt and India during the first 10 months of 2022 amounted to $5.2 billion, with a 20.8% increase, according to data from the Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS).

Meanwhile, El-Sisi also had talks with heads of major Indian companies and businessmen to review plans to boost the south Asian country’s investments in Egypt.