Egypt’s Minister El Khatib aims to significantly boost trade with India, advocating for a tripling or quadrupling of trade volumes. He emphasizes food and energy security collaboration and acknowledges the shifting global landscape toward nationalism. El Khatib highlights Egypt’s infrastructure advancements and emphasizes the need for a balanced trade approach within Africa.
Egypt’s Minister for Investment and Trade, El Khatib, emphasized the necessity for enhanced trade between India and Egypt, which he considers inadequate compared to potential. During an interview with Mihir Swarup Sharma at the Raisina Dialogue, he remarked that trade volumes should aim for tripling or quadrupling, not merely increments of 10 to 20 percent, asserting that “trade and investment are the lifeblood of economies.”
El Khatib highlighted the shared interests between both nations, recalling his past visit to India, and emphasized the vibrant curiosity among Indians towards Egypt. He pointed out the need for collaboration in key sectors: “Regarding food security and energy security, these are major issues. Egypt aims to become a green energy hub, planning to add 65 GW of energy by 2040, predominantly from green sources.”
He urged for vigilance amid global changes, stating, “Energy security and economic resilience are what matter most going forward.” El Khatib acknowledged that global dynamics have shifted towards nationalism and protectionism, stating, “Globalization, as we’ve lived it… is fading away.”
Furthermore, he addressed Egypt’s strategic positioning within a complex regional landscape, focusing on enhancing competitiveness and attracting foreign direct investment (FDI). He indicated that extensive infrastructure investments, including roads, new cities, and renewable energy projects, aim to stimulate the economy post-revolutions of 2011 and 2013.
Despite challenges within the African context, El Khatib expressed optimism regarding the African Continental Free Trade Agreement and various regional trade agreements. He highlighted the significance of improving transportation logistics to facilitate trade, particularly in light of the crucial need for balanced imports and industrialization within Africa, stating, “Trade with Africa must be balanced. We need to understand what we can import from Africa and focus on industrialization within the continent.”
In conclusion, Egypt’s Minister El Khatib advocates for a significant increase in trade with India, emphasizing the need for collaboration in sectors such as food and energy. He recognizes the changing global landscape marked by nationalism and protectionism, while remaining committed to Egypt’s competitive edge. The focus on enhancing trade within Africa illustrates his vision to foster regional economic development, ensuring balanced partnerships and industrial growth.
Original Source: www.firstpost.com
