Connecting AWS EC2 instance using Python Socket

Server.py (Running on my aws ec2 instance)

import socket

s = socket.socket()
host = socket.gethostbyaddr('aws.ec2.public.ip')[0]
port = 12345
s.bind((host, port))

s.listen(5)
while True:
   c, addr = s.accept()
   print('Got connection from', addr)
   c.send('Thank you for connecting'.encode())
   c.close()

Client.py (Running on my local pc)

import socket

s = socket.socket()
host = socket.gethostbyaddr('aws.ec2.public.ip')[0]
port = 12345

s.connect((host, port))
print(s.recv(1024).decode())
s.close()

All inbound & outbound TCP traffic granted

The Server code shows no error. But the Client code says

Traceback (most recent call last):
  File "/Users/sohamjain/Desktop/client.py", line 7, in <module>
    s.connect((host, port))
TimeoutError: [Errno 60] Operation timed out
>>> 

Connecting to the EC2 instance via rdp client works perfectly

When I run both these scripts on local host they seem to work fine. But in case of AWS EC2 Instance, it does not. Where did I go wrong?