Egypt, India to boost mutual trade to $8bn

Egypt and India have agreed to boost mutual trade to $8 billion per year by 2015, Saeed Abdallah, head of the commercial agreements department at the Ministry of Industry and Trade, said on Wednesday. Local committees to monitor and expand trade ties will be formed, Abdallah added after a meeting with Indian trade ministry officials. A plan to develop factories and training in Cairo's Shubra Al-Kheima district will be funded by the Indian government, Abdallah said. President Mohamed Morsi's upcoming visit to India will help foster mutual trade relations between Egypt and India and showcase Egypt's determination to facilitate cooperation between the two counties, Ess Dehissi, India's deputy trade minister, said. Source: Ahram Online