keen on boosting economic cooperation with India specially in developing small
and medium enterprises, a senior minister said.
India is Egyptís 10th largest export
destination and also the 10th largest import source. Minister of Trade and
Industry Tarek Kabil said there are possibilities to enhance bilateral
cooperation in key areas like automotive industry, textile and leather
products. His remarks came during a meeting with Tamil Naduís Minister of Rural
Industries P Benjamin who is here leading the Indian delegation participating
in the MACTECH Fair in the Cairo International Convention Centre from November
Ambassador to Egypt Sanjay Bhattacharyya said that both the sides discussed
possibilities of technology and investment cooperation in textiles and leather
participation with 50 companies at MACTECH Fair was with the objective of
showcasing our strengths in engineering and capital goods. Our advantages lie
in high quality, affordable prices and efficient utilisation of labour,"
Bhattacharyya told PTI.
the largest suppliers of capital goods to Egypt, we wish to increase exports
and also look for opportunities for joint ventures," the Indian envoy
delegation from the Engineering Export Promotion Council of India (EEPC India)
comprises 50 leading Indian machine tools and technology firms.
Indian Pavilion is organised by the EEPC, the premier trade and investment
promotion group in engineering sector sponsored by the Ministry of Commerce and
Industry, Government of India, in association with the Embassy of India in
participating Indian companies represent various segments of engineering
products including machine tools, industrial tools, heavy tools, machinery,
generators and tube and wire machinery. India stands 13th in production and
10th in the consumption of machine tools in the world with 0.9 per cent share
in the total global production. The market is expected to reach USD 3 billion
by 2019-20, growing at a compound annual growth rate of nearly 14 per cent from
2013-14 to 2019-20. India is set to become an important player in the global
machine tools industry and is expected to see substantial increase in the
manufacture of high-end products.
The automobile sector, a major user of machine tools, is set to grow 3.5 to 4
times from its current size of USD 74 billion to reach about USD 300 billion by
2026. New emerging sectors such as defence and aerospace, consumer durables,
green investment in auto sectors are likely to enhance demand for machine
tools. In Machine tools and Industrial tools sector, India is among the top
five exporting countries to Egypt.
India exported USD 3.16
million of hand tools to Egypt in 2016 constituting six per cent of the total
imports of Egypt for the product.
MACTECH is the picture-perfect event for metal forming, machine tools,
industrial tools, welding and cutting equipment technology makers; providing
widespread competition array, constant business opportunities, far-reaching
media coverage and cross-industry technology transfer. Egypt has traditionally
been one of Indiaís most important trading partners in the African continent.
During the year 2016-17, bilateral trade between India and Egypt was to the
tune of USD 3.23 billion.