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

1 day ago

Egypt: Dissolution Ultimatum for Independent Groups

Sep 1 2014 7:40am CDT | Source: AllAfrica.com

[ICTJ]London -Independent organizations in Egypt face a looming crackdown, 44 international and national human rights groups from across the global said today in ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
10

1 day ago

Egypt: Confiscation of Books, Puritanical Religious Fatwa & Kidnapping of a Witness in Recent Human Rights Watch Report On Egypt

Sep 1 2014 6:07am CDT | Source: AllAfrica.com

[HRInfo]Cairo -The Arabic Network for Human Rights Information (ANHRI), said that yesterday witnessed several blatant violations against human rights and freedoms in Egypt that included confiscation of three books and an update of a religious fatwa for forbidding the chatting between the two genders via the Internet. The most extreme was kidnapping an academic due his testimony in human rights watch ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
9

1 day ago

This isn’t where you think it is ...

Aug 31 2014 7:59pm CDT | Source: NEWS.com.au

EGYPT isn’t the only country with ancient pyramids rising from its sands. This often overlooked desert actually has a LOT more to see than the fa ...
Source: NEWS.com.au   Full article at: NEWS.com.au
 

 
Update
8

1 day ago

Armstrong’s passion is helping children in need

Aug 31 2014 6:21pm CDT | Source: Sedona Red Rock News

Laila Ghali Armstrong isn’t a stranger to interviews, or much else for that matter.Originally from Egypt, Armstrong has lived an international life, spending significant time in the United Arab Emirates and Japan, among oth ...
Source: Sedona Red Rock News   Full article at: Sedona Red Rock News
 

 
Update
7

2 days ago

Egypt: Generals Drawn Out By Libyan Islamist Threat

Aug 31 2014 1:21pm CDT | Source: AllAfrica.com

[African Arguments]For decades, Egypt has felt like a world unto itself. The state's preoccupations were internal: containing protests and arresting its critics and alleged terrorists. National concerns revolved around the availability of bread and work, the daily challenges ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
5

2 days ago

Egypt: Looming Deadline Compounds NGOs' Woes

Aug 31 2014 9:52am CDT | Source: AllAfrica.com

[AI London]Egypt is tightening its chokehold on civil society, Amnesty International warned, as the country's independent NGOs face the risk of being shut down if they fail to comply with a compulsory requirement to register b ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
4

2 days ago

Egypt: Two More Decapitated Bodies Found in Sinai

Aug 31 2014 2:42am CDT | Source: AllAfrica.com

[Aswat Masriya]Sinai -Sinai residents salvaged two decapitated youths' bodies in south Rafah in the early hour ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
3

3 days ago

Egypt: Brotherhood Leaders' Trial Over Inciting Violence Postponed

Aug 30 2014 2:04pm CDT | Source: AllAfrica.com

[Aswat Masriya]Cairo -A Cairo court postponed on Saturday the trial of Muslim Brotherhood Supreme Guide Mohamed Badie and 17 other group members over charges of inciting violence t ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
2

4 days ago

Who Can Meet Egypt's Energy Needs?

Aug 29 2014 7:59am CDT | Source: Forbes Real Time

With shortages continuing to plague Egypt, slowing growth and straining tensions, Cairo is searching for solutions to its energy needs, but finding them is proving politically a ...
Source: Forbes Real Time   Full article at: Forbes Real Time
 

 
Update
1

4 days ago

Egypt Seeks Free Trade Zone Talks with Gulf States in Bid to Boost Economy

Aug 29 2014 6:25am CDT | Source: IBTimes UK

Egyptian media reports hint at free trade meetings before e ...
Source: IBTimes UK   Full article at: IBTimes UK
 

 

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

US doctor tests positive for Ebola in Liberia
Washington, Sep 3 (IANS) An American missionary doctor working in Liberia has tested positive for the Ebola virus, his organisation SIM USA announced Tuesday.
 
 
IS video shows beheading of second US journalist
Washington, Sep 2 (IANS) Days after the beheading of American photojournalist James Foley, Sunni militant group Islamic State (IS) has posted a video showing the beheading of another kidnapped American journalist Steven Sotloff, CNN reported.
 
 
IS beheads second US journalist
Washington, Sep 2 (IANS) The Islamic State militant organisation has posted a video titled "A second message to America", showing the beheading of American journalist Steven Sotloff, CNN reported.
 
 
India offers red carpet, not red tape, Modi hard sells India (Roundup)
Tokyo, Sep 2 (IANS) Prime Minister Narendra Modi Tuesday hard sold India to Japanese investors saying that his country offers only a red carpet and not red tape while dubbing his five-day trip to Japan that ends Wednesday as "very successful".
 
 
 

Latest from the Network

US doctor tests positive for Ebola in Liberia
Washington, Sep 3 (IANS) An American missionary doctor working in Liberia has tested positive for the Ebola virus, his organisation SIM USA announced Tuesday. The doctor was treating obstetrics patients at ELWA...
Read more on Business Balla
 
Anastacia slams Kim, Kanye
Los Angeles, Sep 3 (IANS) Singer Anastacia slams reality TV star Kim Kardashian and her husband Kanye West saying their need for attention is just so ill placed. The 45-year-old hit out at the star couple for having...
Read more on Celebrity Balla
 
EU to decide on new sanctions on Russia
Brussels, Sep 3 (IANS) The incoming European Union (EU) foreign policy chief Federica Mogherini Tuesday said the EU leaders will decide on new sanctions on Russia by Friday. "The package (of further sanctions) will be...
Read more on Politics Balla
 
Israel 'stands by' new land appropriation in West Bank
Jerusalem, Sep 3 (IANS) Israeli Foreign Minister Avigdor Lieberman Tuesday said his country "stands by its decision" to appropriate 1,000 acre land in the West Bank. "Gush Etzion settlement bloc reflects a wide...
Read more on Politics Balla
 
Jolie's wedding dress featured her kids' drawings
Los Angeles, Sep 3 (IANS) Actress Angelina Jolie walked down the aisle in a wedding gown with various coloured illustrations drawn by her children. She married actor Brad Pitt Aug 23 in France and on her wedding day,...
Read more on Celebrity Balla
 
UN chief welcomes lifting of Iraqi town siege
United Nations, Sep 3 (IANS) UN Secretary-General Ban Ki-moon Tuesday welcomed the end of militant siege on the northern Iraqi town of Amerli, saying it averted "a major humanitarian disaster". Ban welcomed the...
Read more on Politics Balla
 
Second beheading plunges Obama into top crisis
Washington, Sep 3 (IANS) Just two weeks after beheading American photojournalist James Foley, the Islamic State (IS) Sunni extremist organisation sent what it called "A second message to America", with a video showing...
Read more on Politics Balla
 
11 killed in Pakistan building collapse
Islamabad, Sep 2 (IANS) At least 11 people, including women and children, were killed Tuesday when a roof of an old building collapsed in Pakistan, a media report said. As many as 18 people were wounded when a two-...
Read more on Politics Balla
 
Imran refuses to budge as parliament supports Pakistan PM (Roundup)
Islamabad, Sep 2 (IANS) Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan refused to budge on his demand for Prime Minister Nawaz Sharif's resignation Tuesday as a joint session of parliament came out overwhelmingly...
Read more on Politics Balla
 
IS video shows beheading of second US journalist
Washington, Sep 2 (IANS) Days after the beheading of American photojournalist James Foley, Sunni militant group Islamic State (IS) has posted a video showing the beheading of another kidnapped American journalist...
Read more on Ad Balla