NEW DELHI: India and Egypt need to set their sights on a much bigger trade partnership, with greater two-way movement of goods, services and investments, commerce and industry minister Piyush Goyal said, calling for exploring new business opportunities between the two countries.With bilateral trade currently at around $6.5 billion, Goyal said the existing numbers did not reflect the potential of the two economies. He was speaking at a community event hosted by the Indian Community Association in Egypt (ICAE) late last evening.“For the size of our two economies, I believe it’s just a beginning; it cannot be our destination; the sky’s the limit,” he said.India is looking beyond selling its products in the Egyptian market and wants to attract Egyptian goods and investments as well. Goyal said both countries needed to identify areas where they could benefit from each other’s strengths, making trade a two-way exercise.“We are looking at investment opportunities in Egypt; we are looking at marketing our goods and services…we are looking at Egyptian products coming to India and investments coming to India in areas of Egypt’s strength, because ultimately trade has to be two-way. It has to be a win-win between the two nations,” he said.The trade figures for 2025-26 show India’s exports to Egypt at $3.87 billion, against imports of $2.60 billion. Meat and poultry products, petroleum products, organic chemicals, cotton and machinery are among India’s main exports to the country. Crude petroleum, fertilisers, cotton and mineral products account for its major imports.Investment flows, however, remain limited. India received just $11.5 million in foreign direct investment from Egypt between April 2000 and June 2026.Goyal is visiting Egypt for two days with a 132-member business delegation. His schedule includes meetings with Egyptian leaders and business representatives to explore ways of increasing trade and investment between the two countries.

India widens its trade network

Goyal also outlined India’s broader approach to international trade, saying the government had placed it at the heart of the country’s economic agenda. The focus, he said, was on opening up markets and securing preferential access for Indian goods and services, particularly in countries with which India has friendly relations.“We are opening the doors for greater competition with the world, opening the doors of markets across the world for preferential access for Indian goods and services, particularly with our friendly countries. Towards that end, we have expanded our free trade agreements to many more developed nations,” he added.India has implemented trade agreements with Mauritius, Australia, the UAE, Oman, the EFTA bloc, New Zealand and the UK over the past five years. An agreement with the European Union is scheduled to be signed next month.Negotiations are also under way with Canada, Chile, the South Africa-led South African Customs Union (SACU), the Brazil-led Mercosur grouping and the Russia-led Eurasian Economic Union (EAEU).Following these agreements, Indian goods will have preferential access to markets representing $85 trillion of the global GDP of $115 trillion.Looking to make it easier for companies in both countries to identify and pursue opportunities, Goyal proposed that the ICAE put together a business guide for Indian and Egyptian enterprises.“Maybe you need to create a new ‘Periplus’ for businesses to engage between India and Egypt,” he said.Periplus refers to an ancient guidebook or account of sea routes and trading ports.