360° Coverage : India Inc keeps watch on Egypt, prolonged unrest could affect...

11 Updates
India Inc keeps watch on Egypt, prolonged unrest could affect investment
Photo Credit: KHALED DESOUKI, Getty Images

India Inc keeps watch on Egypt, prolonged unrest could affect investment

Jul 4 2013, 7:36am CDT | by

New Delhi, July 4 (IANS) The ongoing political turmoil in Egypt has raised concern in India over possible disruption in crude supplies, two-way trade and investment.

New Delhi, July 4 — The ongoing political turmoil in Egypt has raised concern in India over possible disruption in crude supplies, two-way trade and investment. Indian companies operating out of the...

Filed under: news

YouTube Videos

 
 
 

1 year ago

India Inc keeps watch on Egypt, prolonged unrest could affect investment

Jul 4 2013, 7:36am CDT | by

New Delhi, July 4 (IANS) The ongoing political turmoil in Egypt has raised concern in India over possible disruption in crude supplies, two-way trade and investment.

New Delhi, July 4 — The ongoing political turmoil in Egypt has raised concern in India over possible disruption in crude supplies, two-way trade and investment.

Indian companies operating out of the north African nation are keeping a close watch on the evolving ground realities as the country's armed forces moved in to force a resolution to the crisis, swearing in an interim president in place of the ousted Islamist Mohamed Mursi.

There are currently 352 Indian companies operating in Egypt, in the fields of consumer goods, petrochemicals, oil and gas, textiles and telecommunications.

Traders and oil officials say that in a worst case scenario if the present unrest prolongs, the closure of Suez Canal and the Sumed pipeline linking the Red Sea to the Mediterranean would disrupt oil flows and result in spike in oil prices, spelling bad news for the financial market and the current account deficit.

India imports bulk of its crude from the Middle East and Africa. Nearly 95 percent of Egypt's exports to India comprise oil and gas.

Brent crude came down from a two-week high after Egypt's armed forces ousted Mursi and the head of the country's Constitutional Court, Adli Mansour, was sworn-in interim president Thursday.

Mansour said he planned to hold new elections, but did not say when.

Egypt has been facing mass demonstrations since June 30 by the opposition calling for the resignation of Mursi and his supporters. In fact, the Arab world's most populous nation has been in turmoil since the fall of long-standing president Hosni Mubarak as the Arab Spring uprisings took hold in early 2011. During those tumultuous days, a couple of companies like Dabur, Marico and Asian Paints had to shut their operations in the country temporarily.

Former Indian Ambassador Shiv Mukherjee says the change in political situation in Egypt "does not hold any special threat" to Indian investments. "In fact, there has been no history of any antipathy to Indian investment in Egypt."

At the political level, the developments in Egypt are an internal affair of the country. "We may have our views on the democratic process, we may have an opinion on the army taking over, but it's an internal affair. We deal with states."

Mukherjee said it's a "wait and watch" kind of situation and the Indian embassy in Cairo must be in touch with the companies and taking the adequate steps.

The current political instability has occurred at a time when the two countries were making robust efforts to develop a significant partnership by strengthening the bilateral economic and commercial relations, and Indians have emerged as important investors in Egypt.

In March this year, the Egyptian Ministry of Investment had said several Indian companies were willing to invest up to $400 million towards projects in power generation, plastic and real estate in Egypt.

Bilateral trade has grown more than 60 percent during the last five years from $3,384.35 million in 2007-08 to $5,430.05 million in 2011-12. India's exports to Egypt have grown almost 80 percent from about $1,398.83 million in 2007-08 to $2,421.89 million in 2011-12.

IANS

Source: IANS

 
Update
11

18 hours ago

Attacks 'threaten Egypt's existence'

Oct 25 2014 7:03am CDT | Source: BBC News

Egypt faces an existential threat from jihadists, the president says, after at least 31 soldiers are killed in two attacks in the Sina ...
Source: BBC News   Full article at: BBC News
 

 
Update
10

1 day ago

Islamists kill 31 Egyptian soldiers in Sinai

Oct 24 2014 3:27pm CDT | Source: FT

Sisi summons ministers to emergency meetin ...
Source: FT   Full article at: FT
 

 
Update
9

1 day ago

POWER METERS ARE 35-40% FASTER

Oct 24 2014 2:00pm CDT | Source: The Nation - Pakistan

POWER METERS ARE 35-40% FASTER MUBARAK SIR MUBARAK, YOU AND WAPDA ARE ON THE SAME PAGE   ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
8

1 day ago

POWER METERS ARE 35-40% FASTER

Oct 24 2014 2:00pm CDT | Source: The Nation - Pakistan

POWER METERS ARE 35-40% FASTER MUBARAK SIR MUBARAK, YOU AND WAPDA ARE ON THE SAME PAGE   ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
7

2 days ago

Katy changes birthday plans

Oct 23 2014 2:00pm CDT | Source: The Nation - Pakistan

Santa Barbara (BTG): Katy Perry has changed her 30th birthday arrangement after originally planning a big bash in Egypt. The Dark Horse singer had decided to take a large group of family and friends to Egypt to party, visit tourist attractions, and take a cruise down the Nile River, according to Us Weekly. But after her plans were quashed for ‘security reasons’, the singer opte ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
5

4 days ago

Sudan: 50 Years On - Remembering the October Revolution

Oct 21 2014 4:50am CDT | Source: AllAfrica.com

[African Arguments]Many Sudanese intellectuals watched on with wry amusement as, in 2011, the global media announced that the popular uprisings in Egypt, Tunisia and Libya were the first civilian movements to overthrow military autocra ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
4

4 days ago

The truth of King Tut: The Egyptian Pharoah 'was developing breasts and had wide hips'

Oct 21 2014 3:24am CDT | Source: Daily Express

A CLUB foot, buck teeth, and feminine hips - Egypt's most famous ancient ruler was no cha ...
Source: Daily Express   Full article at: Daily Express
 

 
Update
3

1 week ago

Citigroup pulls out of consumer banking in 11 countries, profit jumps

Oct 14 2014 8:08pm CDT | Source: Business Standard

Citigroup Inc said it is pulling out of consumer banking in 11 markets, including Japan and Egypt, as the U.S. bank with the biggest international business looks to cut persistently ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
2

1 week ago

10% Of The World's Population Controls 87% Of The Wealth

Oct 14 2014 10:29am CDT | Source: Business Insider

The top 10% of the world's population controls approximately 87% of the world's wealth. This is according to Credit Suisse's annual Global Wealth report. One of the major themes of the report was the ongoing rise in global inequality. "Personal wealth varies greatly across individuals," the analysts write. "During much of the last century, wealth differences contracted in high income countri ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
1

1 week ago

GITEX-EGYPT: Offering HR services on the Online platform

Oct 14 2014 8:01am CDT | Source: Africa Business

Engineers’ Careers GITEX Hall: Concourse 1 Stand: CC1-22 Engineering companies in Egypt and the Middle East seeking to recruit well qualified personnel can now do it through Engineers’ Careers, a dynamic organization that strives to provide the best human resources online services. Engineers Careers’ is the first organization to offer elite HR servi ...
Source: Africa Business   Full article at: Africa Business
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
Luigi is the founding Chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.

 

blog comments powered by Disqus

Latest stories

'Pakistan won't allow India free hand on Kashmir'
Islamabad, Oct 26 (IANS) Pakistan will not allow India to solve the Kashmir issue on it own way, Advisor to the Prime Minister on Foreign Affairs and National Security Sartaj Aziz said.
 
 
World Bank approves $75 mn for pastoralists in Horn of Africa
Nairobi, Oct 26 (IANS) The World Bank has approved an additional credit of $75 million to improve the livelihoods and resilience of pastoralists in the Horn of Africa.
 
 
Slovakia to provide further financial help in fighting Ebola
Bratislava, Oct 26 (IANS) Slovakia planned to provide some 90,000 euros ($114,000) to countries affected by Ebola to help with the construction of field hospitals, foreign ministry said Saturday.
 
 
Mauritania closes border with Mali after Ebola death
Nouakchott, Oct 26 (IANS) Mauritania has closed its border with Mali after an Ebola death was confirmed in the border area this week, a health official said Saturday.
 
 
 

Latest from the Network

Second MERS case reported in Qatar
Doha, Oct 23 (IANS) A 43-year-old man in Qatar has tested positive for Middle East Respiratory Syndrome (MERS) in the second confirmed case of the deadly virus in 10 days, media reported Thursday. The patient had...
Read more on Business Balla
 
Two people die in Pakistan bomb blast
Islamabad, Oct 23 (IANS) At least two people were killed and 12 others injured in an explosion that took place in Pakistan's Balochistan province Thursday, media reported. The bomb was planted on a motorcycle, Dawn...
Read more on Politics Balla
 
Trott extends contract with Warwickshire till 2017
London, Oct 23 (IANS) England batsman Jonathan Trott, whose mental issues led to his abrupt departure from last winter's Ashes tour, has confirmed his successful comeback to competitive cricket by signing a new three-...
Read more on Sport Balla
 
Srikanth, Kashyap big movers in BWF rankings
Kuala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest Badminton World Federation (BWF) rankings released Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Alvin Stardust dead
London, Oct 23 (IANS) English singer Alvin Stardust died after a short illness. He was 72. Stardust's manager confirmed the news about his demise Thursday, reports mirror.co.uk. He was recently diagnosed with...
Read more on Celebrity Balla
 
Indian man reunited with family after 40 years
Dubai, Oct 23 (IANS) An Indian man, who had disappeared from his hometown in Kerala nearly 40 years ago, has been found by his family at a hospital in Dubai in the UAE, a newspaper report said. Now in his 60s, Abdulla...
Read more on Politics Balla
 
Srikanth, Kashyap, Saina rise in world rankings
Kala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest released Badminton World Federation (BWF) rankings Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Flintoff signs for Big Bash side Brisbane Heat
Brisbane, Oct 23 (IANS) Former England captain and all-rounder Andrew Flintoff, who retired from international cricket in 2009, Wednesday confirmed that he will play for Brisbane Heat in the Big Bash League (BBL) this...
Read more on Sport Balla
 
OPEC daily basket price falls again
Vienna, Oct 23 (IANS/WAM) The basket of 12 crude oils of the Organization of Petroleum Exporting Countries (OPEC) closed at $81.94 a barrel Wednesday compared to $82.09 Tuesday, the OPEC Secretariat said. The new OPEC...
Read more on Business Balla
 
Lopez to sign multi-million dollar deal?
Los Angeles, Oct 23 (IANS) Singer-actress Jennifer Lopez is reportedly in the final stages of securing a multi-million dollar deal to perform in Las Vegas. The 45-year-old is being offered $350,000 per show at The...
Read more on Celebrity Balla