Indian Prime Minister, Narendra Modi, and visiting Egyptian President, Abdel Fattah El-Sisi, on Wednesday discussed bilateral relations and agreed to boost trade, Anadolu News Agency reports.
Addressing a press conference after a meeting in the capital, New Delhi, Modi said they have decided to take the bilateral trade between India and Egypt to $12 billion in the next 5 years.
The Prime Minister said they have decided to elevate bilateral relations with Egypt to a strategic partnership.
"We've decided that, under India-Egypt Strategic Partnership, we will develop a long-term framework for greater cooperation in the fields of politics, security, economics and science," he said.
Modi also stated that India and Egypt expressed concerns over terrorism, adding that both countries agreed that strong actions must be taken to control cross-border terrorism.
"We'll also cooperate to check misuse of cyberspace that helps in spreading extremism and radicalisation. We also held discussions on the supply chain that was disrupted due to COVID-19 and the Ukraine crisis," said Modi.
President El-Sisi said: "I have invited Prime Minister Modi to Cairo to take our relationship forward."
The last time the Egyptian President visited India was in October 2015 to attend the third India-Africa Forum Summit. Later, he came to India in September 2016 on a state visit.
He is the first Egyptian President who has been invited as the Chief Guest for the Indian Republic Day celebrations. A military contingent from the Egyptian Army will also participate in the Republic Day parade on Thursday.
India and Egypt are celebrating 75 years of establishment of diplomatic relations this year. Egypt has also been invited as a "Guest Country" during India's presidency of G-20 in 2022-23.
Bilateral trade between India and Egypt reached $7.26 billion in 2021-22. The trade was fairly balanced with $3.74 billion in Indian exports to Egypt and $3.52 billion in imports from Egypt to India. More than 50 Indian companies have invested around $3.15 billion in diverse sectors of the Egyptian economy, including chemicals, energy, textile, garment, agri-business and retail.