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

12 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 Tweets


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.


Source: IANS




14 hours ago

Meet Africa's First Arab and Muslim Sumo Wrestler

Aug 1 2014 5:25am CDT | Source: IBTimes UK

Egyptian-born Abdelrahman Shaalan makes sumo wrestling history as 'Osuna ...
Source: IBTimes UK   Full article at: IBTimes UK


14 hours ago

Egypt statue museums lose status

Aug 1 2014 4:59am CDT | Source: BBC News

Two museums in Northampton lose their accreditation status after the controversial sale of a 4,000-year-old Egyptian s ...
Source: BBC News   Full article at: BBC News


3 days ago

Egypt Moves On Energy Reform From The Ground Up

Jul 29 2014 8:38am CDT | Source: Forbes Real Time

Intent on finally reversing an energy crisis that has grown worse with each passing year, Egypt’s new government is taking aim at production, subsidies and distr ...
Source: Forbes Real Time   Full article at: Forbes Real Time


4 days ago

Egypt: Foreign Ministry Denounces Killing of Egyptians in Libya

Jul 28 2014 2:06am CDT | Source: AllAfrica.com

[Aswat Masriya]Cairo -Egypt's Foreign Affairs Ministry has condemned the killing of Egyptians in Libya's Tripoli on Saturday and demanded that the Libyan government takes responsibility for the incident which it described as "horrible", the state-owned n ...
Source: AllAfrica.com   Full article at: AllAfrica.com


4 days ago

Egypt: Ships Transiting Suez Canal Make Cargo Record

Jul 27 2014 11:28pm CDT | Source: AllAfrica.com

[Egypt Online]The Suez Canal achieved a daily cargo record of 3.8 million tons on Saturday as it celebrates its nationalization anniversary. As many as 50 ships transited the international waterway in the ...
Source: AllAfrica.com   Full article at: AllAfrica.com


4 days ago

Uganda: Egypt Celebrates National Day

Jul 27 2014 11:08pm CDT | Source: AllAfrica.com

[Observer]The ambassador of Egypt to Uganda, Ahmed Abdel Aziz Mostafa, last week used his national day celebration to underline his country's dete ...
Source: AllAfrica.com   Full article at: AllAfrica.com


1 week ago

These 6 Maps Reveal The Most Important Values Of People Around The World

Jul 25 2014 3:35pm CDT | Source: Business Insider

In its 2010-2014 wave, the World Values Survey asked residents of 52 countries how important they consider family, friends, leisure time, politics, work, and religion. WVS is the largest "non-commercial, cross-national, time series investigation of human beliefs and values ever executed." It dates back to 1981 and has included nearly 400,000 respondents from 100 countries, which house 90% of the world's population. The question asked:"For each of the follo ...
Source: Business Insider   Full article at: Business Insider


1 week ago

Egypt: World Bank Gives Egypt U.S.$500 Million Gas Loan

Jul 25 2014 10:30am CDT | Source: AllAfrica.com

[Aswat Masriya]Cairo -The World Bank has agreed to give Egypt a $500 million loan to provide 1.5 million houses in 11 governorates with natural ...
Source: AllAfrica.com   Full article at: AllAfrica.com


1 week ago

Egypt’s “cold war” with the U.S.

Jul 24 2014 10:09pm CDT | Source: Canada Free Press

An unusual security search at the entrance of the Egyptian presidential palace in Cairo took place two days ago as reported by Egyptian newspapers and the Italian RAI 24 news. John Kerry and his staff were asked to go through a metal detector, and one staff member was asked to show the contents of his pockets before visiting President Al-Sisi. This humiliating reversal of protocol was a sign of mistrust towar ...
Source: Canada Free Press   Full article at: Canada Free Press


1 week ago

Egypt: Two "Extremists" Killed and 15 Arrested in Sinai - Army

Jul 23 2014 7:13am CDT | Source: AllAfrica.com

[Aswat Masriya]Sinai -The Egyptian army launched a security crackdown on Tuesday night in several areas in North Sinai, killing two "extremists", the army spokesman said in a sta ...
Source: AllAfrica.com   Full article at: AllAfrica.com


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

WTO fails to reach trade facilitation agreement
Geneva, Aug 2 (IANS) Negotiations at the World Trade Organisation(WTO) has failed to agree on the implementation of the trade facilitation agreement as the deadline of July 31 passed.
Liberia reports new Ebola cases
Lagos, Aug 1 (IANS) The Liberian government has reported new Ebola cases as of July 28.
Japanese men's life expectancy over 80 years for first time
Tokyo, Aug 1 (IANS/EFE) The life expectancy of Japanese men stood at 80.21 years in 2013, the first time that men have gone past the 80-year mark in the Asian country, according to the country's ministry of health, labour and welfare.
Methane created mysterious Siberian crater: Study
London, Aug 1 (IANS) The mysterious crater spotted in the frozen Yamal peninsula in Siberia earlier this month was probably caused by methane released as permafrost thawed, Russian researchers say.

Latest from the Network

Commonwealth Games medals tally
Glasgow, Aug 2 (IANS) England lead the medals tally Friday at the 20th Commonwealth Games with 47 golds, 46 silvers and 43 bronzes followed by Australia and Canada. India are still fifth with a tally of 49 medals,...
Read more on Sport Balla
How John Legend coped with parents' divorce?
Los Angeles, Aug 2 (IANS) Singer John Legend credits his teachers for helping him cope with his parents' divorce and for motivating him to complete his Ivy League education. "I was 10 years old when my parents got...
Read more on Celebrity Balla
Kerry condemns violation of Gaza ceasefire
Washington, Aug 2 (IANS) US Friday condemned Friday the killing of Israeli soldiers and apparent abduction of another by the Palestinian militants that violated the ceasefire. "It was an outrageous violation of the...
Read more on Politics Balla
Gurusaidutt leads Indian shuttlers into semis
Glasgow, Aug 2 (IANS) Indian shuttler R.M.V. Gurusaidutt came out with a brilliant performance to oust Malaysian top seed Chong Wei Feng and enter the men's singles semi-finals of the Commonwealth Games here Friday....
Read more on Sport Balla
Discus thrower Seema earns silver, pugilist Pinki bronze (Roundup)
Glasgow, Aug 2 (IANS) Woman discus thrower Seema Punia grabbed a silver, boxer Pinki Jangra brought home a bronze, while pugilists and paddlers assured the nation of at least three more silver medals on day eight of...
Read more on Sport Balla
Four Indian boxers in final, Pinki takes bronze (Roundup)
Glasgow, Aug 2 (IANS) Four Indian boxers -- L. Sarita Devi, L. Devendro Singh, Mandeep Jangra and Vijender Singh -- made it into their respective gold medal bouts after Pinki Jangra lost her semi-final to settle for...
Read more on Sport Balla
Sharath-Amalraj settle for silver (Table Tennis Roundup)
Glasgow, Aug 2 (IANS) Veteran Achanta Sharath Kamal and Anthony Amalraj picked up the silver medal in the men's doubles table tennis after they lost 1-3 to Singapore's Hu Li and Ning Gao in the title clash of the 2014...
Read more on Sport Balla
Pallikal-Chinappa enter women's doubles squash finals (Roundup)
Glasgow, Aug 2 (IANS) India's star squash players Dipika Pallikal and Joshana Chinappa lived up to their names and potential to enter the women's doubles final at the Commonwealth Games here Friday. The Indian duo...
Read more on Sport Balla
Indian medal winners at the Commonwealth Games
Glasgow, Aug 2 (IANS) The following is the list of Indian medal winners at the 2014 Commonwealth Games here: Gold: Sanjita Khumukchan: women's 48 kg weightlifting Sukhen Dey: men's 56 kg weightlifting Abhinav Bindra:...
Read more on Sport Balla
Keith Urban reacts to ill-fated Massachusetts concert
Los Angeles, Aug 2 (IANS) Singer Keith Urban has broken his silence about his recent ill-fated concert in Massachusetts, where dozens of hospitalized fans and an arrest made for an alleged rape. "My team and I were...
Read more on Celebrity Balla