NEW DELHI: India and Egypt are seeking further cooperation in startups, fintech, cyber and artificial intelligence, Indian Minister of External Affairs S. Jaishankar said after the two countries held their first strategic dialogue.
Egyptian Foreign Minister Dr. Badr Abdelatty arrived in New Delhi on Thursday for a two-day visit, during which he co-chaired the inaugural India-Egypt Strategic Dialogue with Jaishankar.
“Appreciated the intensification of our collaboration, since establishment of India-Egypt Strategic Partnership in 2023,” Jaishankar wrote on X following the meeting.
“Discussed furthering our cooperation across political, economic, defense, maritime and counterterrorism domains. And new opportunities in startups, cyber & AI, space and fintech.”
India and Egypt have been working to boost ties in recent years, and agreed in January 2023 to increase bilateral trade to $12 billion in the next five years, up from $7.3 billion in 2021-22.
They also signed several agreements then on expanding cooperation in cybersecurity, information technology, culture and broadcasting.
Anil Trigunayat, former ambassador who has served in Indian missions in the Middle East and Europe, said that trade and investment between India and Egypt “continues to be promising,” noting that discussions have focused on how to take them forward.
“Both sides agreed to explore possibilities in digital public infrastructure, fintech, pharmaceuticals space, start-ups and innovation as well as investments in renewables,” he told Arab News.
“There is tremendous potential which needs to be harnessed for mutual benefit as both sides, India and Egypt play much bigger roles in the respective regions and both can synergise cooperation in the Mediterranean.”
Egypt has also been trying to attract more Indian companies across various sectors, such as renewable energy, chemicals and information technology, including during the visit of Investment and Foreign Trade Minister Hassan El-Khatib earlier this year in March.
“Egypt is keen for Indian companies to invest in Egypt to meet local market needs and expand exports, particularly through the Suez Canal Economic Zone, which offers extensive investment incentives and various tax and customs exemptions,” said Muddassir Qamar, associate professor at the Center for West Asian Studies at Jawaharlal Nehru University.
He said India-Egypt strategic dialogue platform would further strengthen their partnership.
“Given that Egypt is working to accelerate its economic growth and development, there are immense potentials for cooperation between Indian and Egyptian companies in new and emerging areas,” he told Arab News.
“There are immense potentials in improving relations including in the emerging and niche areas such as startups, renewable energy, AI, fintech, electric vehicles, food security, etc. Investments, energy and defense ties are the most important areas for cooperation.”
