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

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

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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

2 weeks ago

Egypt: UN Should Condemn Worsening Abuses

Nov 4 2014 5:32am CST | Source: AllAfrica.com

[HRW]Geneva -Egypt's allies should use the country's November 5, 2014 review at the UN Human Rights Council to condemn the most dramatic reversal of human rights in Egypt's modern history under President Abdel Fattah al-Sisi. The United States and other allies should in particular condemn imminent threats ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
10

2 weeks ago

Egypt jails eight men over 'gay wedding' video

Nov 3 2014 10:46am CST | Source: Euronews

Human rights groups have condemned the three year jail terms given to eight men who had appeared in an online video purporting to show ...
Source: Euronews   Full article at: Euronews
 

 
Update
9

3 weeks ago

While we weren't looking, an Arab economy took off

Oct 31 2014 11:10am CDT | Source: CNBC

A year after violence, curfews and a military takeover, investments are flowing back into Egypt's econ ...
Source: CNBC   Full article at: CNBC
 

 
Update
8

3 weeks ago

Egyptian actor Amr on making movies

Oct 30 2014 2:00pm CDT | Source: The Nation - Pakistan

ABU DHABI: Egyptian actor and film-maker Amr Waked, equally at home in Cairo and Hollywood, says the time is ripe for a host of other Arab stars to make it big abroad. Waked, an established celebrity in Egypt, has also appeared in a string of global hits alongside George Clooney in ‘Syriana’, Kristin Scott Thomas in ‘Salmon ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
7

3 weeks ago

Sinai Instability Remains A Hurdle For Egypt's Energy Recovery

Oct 30 2014 8:15am CDT | Source: Forbes Real Time

Despite progress in addressing the country's many energy challenges, continuing unrest in Egypt's Sinai Peninsula remains an obstacle to a real recovery ...
Source: Forbes Real Time   Full article at: Forbes Real Time
 

 
Update
5

3 weeks ago

Unexploded WWII ordnance still litters Egypt's Western Desert

Oct 29 2014 11:42am CDT | Source: Euronews

Egypt's Western Desert remains littered with mines and unexploded munitions, the deadly remnants of heavy fighting during the Second World ...
Source: Euronews   Full article at: Euronews
 

 
Update
4

3 weeks ago

East Africa: Comesa-EAC-SADC Tripartite FTA to Be Launched Mid-December 2014

Oct 29 2014 3:18am CDT | Source: AllAfrica.com

[Government of Mauritius]The COMESA-EAC-SADC Tripartite Free Trade Area (FTA) would be launched during the Tripartite Summit of Heads of State and Government in mid-December 2014, in Egypt, taking into account the fact that the majority of the Tripartite Member/Partner States have made ambitious tariff offers and were agreed on Rules of Origin to be applied in the interim whilst further work continues on product specif ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
3

3 weeks ago

Sisi gives Egypt military new powers

Oct 27 2014 12:00pm CDT | Source: BBC News

Egyptian leader authorises the military to protect state facilities after jihadists killed more than 30 sol ...
Source: BBC News   Full article at: BBC News
 

 
Update
2

3 weeks ago

Egypt: Govt Postpones Palestinian-Israeli Negotiations - Hamas Official

Oct 27 2014 6:56am CDT | Source: AllAfrica.com

[Aswat Masriya]Cairo -Egypt notified Hamas on Sunday that it postponed a round of indirect negotiations between Palestinian factions and Israel which was due to begin in Cairo on Monday, said Hamas official Mushir al-Masri ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
1

3 weeks 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 atta ...
Source: BBC News   Full article at: BBC News
 

 

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<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.

 

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