Egypt and India are exploring local currency settlements to strengthen economic ties

Egypt's Finance Minister, Mohamed Maait, and India's Ambassador to Cairo, Ajit Gupte, met to discuss opportunities for economic co-operation between the two countries. This is reported by Daily News Egypt, a partner of TV BRICS.

The main discussion revolved around the proposal to utilize local currencies for bilateral trade between Egypt and India. The talks involved strategies to attract Indian companies to invest in Egypt's economy and make use of the advantages and incentives outlined in the State Property Policy Paper, as well as improving administrative processes. Minister Maait emphasized Egypt's initiatives to diversify its financing sources and explore new financial markets through innovative and trustworthy instruments. He also highlighted Egypt's successful bond issuance experience in the Chinese market, valued at RM3.5 billion (US$482.8 billion), to gain access to financial markets in India.

The meeting also focused on discussing technology-driven approaches to enhance access to financial services and India's support for Egypt's integrated health insurance project. These initiatives aim to ensure that all Egyptians have improved access to high-quality healthcare.

This collaboration demonstrates the mutual dedication of Egypt and India to enhancing economic relations and working together to tackle global economic challenges with an innovative and mutually advantageous partnership.