Eight Indian companies are set to inject new investments worth around $1 billion in Egypt by 2025, targeting projects in the fields of new and renewable energy, green hydrogen, bus assembly, and various industries, according to a government official who spoke to Asharq Bloomberg.

These new investments follow discussions held by the Egyptian Commercial Representation Authority during their visit to India in mid-September.

The official also noted that the Indian companies are expected to visit Egypt soon to explore investment opportunities in these sectors.

With these investments, the total Indian investments in Egypt are anticipated to rise to around $5 billion next year, up from the current $3.5 billion.

In 2023, President Abdel Fattah El-Sisi and Indian Prime Minister Narendra Modi signed a joint declaration to elevate bilateral relations to a strategic partnership.

They agreed to enhance economic and cultural ties in various sectors, particularly communications and information technology, pharmaceuticals, vaccines, higher education, and new and renewable energy, including green hydrogen, as well as tourism.

The official also added that during the visit, Egypt agreed to boost trade exchange with India by 15% by 2025, aiming for $8.5 billion compared to the targeted $7.4 billion by the end of this year, and approximately $6.5 billion last year.

Egypt’s key imports from India include meat, iron and steel, machinery, and organic products, while its main exports to India are fertilizers, cotton, salt, sulfur, and stones.