INDIA-EGYPT BILATERAL MEETING – JOINT STATEMENT
Date : 15 Apr 2008
Location : New Delhi
Shri Kamal Nath, Commerce & Industry Minister held a bilateral meeting with the Minister of Trade & Industry of Egypt Mr. Rachid Mohamed Rachid on 15th April, 2008 in New Delhi. Eng. Rachid is paying an official visit to India from April 14 to 17, 2008. Both the Ministers were assisted by senior officials during the meeting.
The talks were held in a cordial and constructive atmosphere. Both the Ministers expressed happiness at the warm and close multifaceted relations between India and Egypt and exchanged views on a wide range of issues including bilateral and multilateral trade and investment related issues. Both the Ministers expressed satisfaction at the level of bilateral trade which is approaching the US $ 2.5 billion mark. It was noted that India’s exports to Egypt have grown by 51% last year and Egypt’s exports to India have grown by 35%. It was also noted that Egypt has emerged as India’s largest trade partner in North Africa accounting for 40% percent of India’s trade in the region and bilateral trade turnover has grown nearly nine fold in terms of value during the period 2000-07. Both the Ministers expressed the view that the trade basket is required to be expanded to tap the enormous potential.
Both the Ministers appreciated the economic reforms being vigorously pursued by India and Egypt and felt that these are catalytic to expansion of bilateral trade and investment and will facilitate strengthening of bilateral economic and commercial relations. Shri Kamal Nath, Commerce & Industry Minister welcomed the Egyptian initiative for establishing an Indian Industrial Zone in Egypt exclusively for Indian companies to attract Indian Investments targeting domestic market as well as nearby International markets in Europe, Africa and the Middle East.
The two sides agreed on the following:
§ Both sides will consider participation in various international trade fairs and specialized exhibitions held by each other and will keep each other informed to enable significant participation.
§ Egypt will provide to India details of benefits and incentives that would become available to Indian companies on their participation in the Industrial Zone of Egypt.
§ Both sides will explore possibilities of exchanging industrial know how and formation of joint ventures in the sectors of Textiles, Iron and Steel, Cement, Building Materials, Automotive and its components, Health, Hospitality, Petrochemicals, Chemicals and Fertilizers, Drugs and Vaccines, Communication and Information Technology, New and Renewable Energy and Organic Fuel for Industrial Use, Infrastructure, housing and real-estate development projects. Egypt will identify specific areas / products of JVs.
§ Egypt will look into the prospect of Egyptian Banks establishing Lines of Credit, on mutually beneficial commercial terms, with EXIM Bank of India.
§ The Indian Institute of Foreign Trade ( IIFT) will arrange either in India or in Egypt training, on mutually agreeable terms, to Egypt Government personnel in subjects related to Dumping measures, WTO Issues, organizing commercial activities in domestic markets (anti monopoly measures, quantitative analysis and cost benefit analysis, macro economic analysis, commercial diplomacy and export promotion, consumers protection, price monitoring) etc.
§ India will examine within two months the Joint Action Plan on Trade and Technical Cooperation, and Indian Technical Experts for Egyptian Industry.
§ The Egyptian side will look into India’s request for accelerating the process of registration for WHO/GMP certified Indian pharma companies and will also consider the Indian offer for supply of technical know-how for manufacture of bulk drugs by Indian companies and training of drug regulatory personnel of Egypt.
§ Egypt will also consider India’s suggestion for setting up an Indo-Egyptian Joint Working Group on Pharmaceuticals.
§ Egypt will consider the proposal of RITES for assistance in modernization of the rail system and infrastructure in Egypt.
§ Egypt will consider the proposal of TCIL for assistance in the ICT sector.
§ Egypt will consider the offers of M/s. MECON and SAIL for technical assistance in upgrading steel sector of Egypt.
§ Egypt will consider the proposals of the Ministry of MSMEs and MSMEDO/ NSIC for assistance in the SMEs sector on paid basis.
§ Egypt will consider the offer of BMTPC for technical assistance in the sector of low cost housing.