India-Egypt bilateral trade to top $12 billion in next 5 years: PM Modi

Prime Minister Narendra Modi held bilateral talks with Egyptian President Abdel Fattah El-Sisi on Wednesday

India and Egypt have decided to strengthen defence industry co-operation and take bilateral trade to $12 billion in next 5 years, Prime Minister Narendra Modi said on Wednesday after bilateral talks with Egyptian President Abdel Fattah El-Sisi. 

Currently, the trade between the two countries is around $7.2 billion.

"We've decided to further strengthen defence industry cooperation, exchange of counter-terror information and intel," Modi said as reported by news agency PTI. "We have decided to take bilateral trade to $12 billion in next 5 years," he said.

Modi said that both the countries are concerned over security threats and are unanimous that terrorism is "most serious threat to humanity". "Both sides agreed that concrete measures are needed to end cross-border terrorism," he said.

The 68-year-old Arab leader arrived in New Delhi on a three-day visit and is the chief guest at the Republic Day celebrations.

"Deepening our bond with Egypt -- the natural bridge that connects Asia with Africa. PM @narendramodi and President @AlsisiOfficial hold talks adding momentum to the multifaceted India-Egypt relations marked by civilisational, cultural & economic linkages and deep-rooted P2P ties," External Affairs Ministry spokesperson Arindam Bagchi tweeted.

The Egyptian president visited India in October 2015 to participate in the third India-Africa Forum Summit. This was followed by his state visit in September 2016.

This is the first time that the Egyptian president has been invited as the chief guest to India's Republic Day celebrations. A military contingent from the Egyptian Army will also participate in the Republic Day parade.

India is keen to expand ties with Egypt, a key player in the politics of both the Arab world as well as Africa. It is also seen as a major gateway to markets in Africa and Europe.

(With agency inputs)