Cairo:

Confident in Egypt’s credibility, Foreign Minister S Jaishankar on Sunday stressed the fact that many well-known Indian companies would come to invest in the country.

Speaking at the India-Egypt Business Forum, S. Jaishankar said, “Reputable Indian companies come to a destination like Egypt and see opportunities here positively. I think that says a lot about our companies and their credibility as an investment destination. I see a world of opportunity here.”

Meanwhile, Egyptian President Abdel Fattah El-Sisi urged India to increase trade turnover, also saying current revenues were not enough.

“I had the honor of visiting the President (Abdel Fattah El-Sisi). Our two colleagues were talking about a trading turnover of $7.2 billion. President Sisi told me he didn’t think it was enough. So he challenged us, Speak, find ways to increase it,” said S. Jaishankar.

Referring to the India-Egypt Wheat Agreement, S. Jaishankar said: “This year marks the first year after a gap, or perhaps the first year ever, that Egypt has bought wheat from India. But unfortunately things have turned around for us. It has been a difficult year in terms of weather for farming and as a result we have not been able to continue with a sizeable initial supply.”

Due to the conflict between Russia and Ukraine, Egypt has faced a shortage of wheat, 80 percent of which is imported from these two countries. India was added to the list of accredited nations capable of supplying wheat to Egypt on April 14, 2022, ending a longstanding non-tariff barrier.

Egypt has inked a deal to buy 180,000 tons of wheat from India, a deal that is part of the country’s effort to diversify its wheat supply.

In May, Egypt agreed to buy 500,000 tons of wheat from India, but no deal was signed.

India banned wheat exports in May over lower domestic production but made concessions to countries like Egypt with food security needs.

“But there is a lesson, for Egypt, sourcing from India reduces the risk of food supplies that have otherwise been very, very dependent on very narrow geographical regions,” S. Jaishankar said in Cairo.

He also highlighted climate change as the biggest disruptive factor, stressed the increase in natural disasters in the Indian subcontinent and urged sustainable solutions.

“I spoke of climate change as a serious disruptive factor. In the Indian subcontinent, we are experiencing flooding, heatwaves and cold on a scale we have never experienced before… Sustainable solutions will not only emerge from conferences, but,” said S. Jaishankar.

Speaking about globalization, he said that it has inherent risks that need to be addressed by like-minded countries.

“It is a very intense globalization. A globalization that brings tremendous opportunities but also inherent risks that need to be addressed by like-minded countries, comfortable countries that come together and do more with each other,” said S. Jaishankar.

(Except for the headline, this story was not edited by NDTV staff and was published by a syndicated feed.)