NEW DELHI (AP) — India and Egypt agreed Wednesday to spice up commerce between their international locations throughout a go to by the Egyptian president that underscores Prime Minister Narendra Modi’s efforts to fortify ties with different rising economies.

Modi and President Abdel Fattah El-Sissi agreed on measures to extend two-way commerce inside 5 years to $12 billion. Trade totaled $7.3 billion in 2021-22. The two international locations additionally signed agreements on increasing cooperation in cyber safety, info expertise, tradition and broadcasting.

Modi and El-Sissi expressed concern over disruptions to meals provides and different important sources because of the conflict in Ukraine. Modi sought Egypt’s cooperation in preventing cross-border terrorism, extremism, and cyber threats.

Egypt’s economic system has been strained by the pandemic and Russia’s conflict in Ukraine, which pushed costs for oil and different commodities to document highs. One of the world’s greatest importers of wheat, it obtained assist from the World Bank final 12 months to finance its grain purchases as provides from Ukraine have been disrupted.

Imports from India, which made an exception for international locations like Egypt going through extreme shortfalls even because it banned most wheat exports, helped to bridge the hole.

India is among the many prime 5 importers of Egyptian merchandise, together with crude oil and liquefied pure gasoline, salt, cotton, inorganic chemical compounds and oilseeds. Major Indian exports to Egypt embody cotton yarn, espresso, herbs, tobacco, lentils, car elements, ships, boats and electrical equipment.

El-Sissi invited Indian companies to take a position extra within the Suez Canal Economic Zone. More than 50 Indian corporations have invested round $3.15 billion in varied elements of the Egyptian economic system, together with chemical compounds, vitality, textiles, clothes, agri-business and retailing, in accordance with India’s External Affairs Ministry.

India is the host nation for the Group of 20 main economies this 12 months and Modi has invited El-Sissi to attend as considered one of its particular friends.

El-Sissi would be the chief visitor at India’s Republic Day parade on Thursday marking the anniversary of the adoption of the nation’s structure on Jan. 26, 1950. India gained independence from British colonial rule in 1947.