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
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...

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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

1 hour ago

Egypt: 37 "Brotherhood Supporters" Arrested in Protests Across Egypt

Sep 21 2014 3:42am CDT | Source: AllAfrica.com

[Aswat Masriya]Cairo -The Egyptian security forces arrested on Friday 37 "Supporters of the Muslim Brotherhood" in protests that were called for by the National Alliance to Support Legitimacy, said an Inte ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
10

18 hours ago

Egypt: Sisi Postpones Deadline for June 30 Fact-Finding Committee

Sep 20 2014 10:27am CDT | Source: AllAfrica.com

[Aswat Masriya]Cairo -President Abdel Fattah al-Sisi postponed on Saturday the deadline for the release of a report by the June 30 fact-finding committee until November 21, giving the committee two extra months to finish ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
9

2 days ago

Cyprus energy minister says Egypt Jordan interested in Mediterranean island’s offshore gas

Sep 18 2014 12:34pm CDT | Source: Canadian Business Online

NICOSIA, Cyprus – Cyprus’ energy minister says Egypt and Jordan are interested in buying natural gas from the Mediterranean island nation to meet their domestic needs. Cyprus’ priority is to build an onshore facility to liquefy gas for export to Europe and elsewhere, but Energy Minister Yiorgos Lakkotrypis said Thursday that Jordan and Egypt also are potential customers. The U.S. company Noble Energy and the Israeli ones Delek and Avner are par ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
8

2 days ago

Egypt: Cairo Recovers Stolen Pyramid Pieces

Sep 18 2014 9:44am CDT | Source: AllAfrica.com

[Egypt Online]Egypt recovered fragments from the pyramid of Cheops that have been stolen by s ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
7

4 days ago

Egypt: Calls for One-Day Hunger Strike in Solidarity With Those "Unjustly Detained"

Sep 16 2014 12:33pm CDT | Source: AllAfrica.com

[Aswat Masriya]CAIRO -Activists are campaigning for a one-day hunger strike on Wednesday as a show of solidarity with Egypt's "unjus ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
5

5 days ago

Egypt: Brotherhood Leader Jailed for Life

Sep 15 2014 10:23am CDT | Source: AllAfrica.com

[Aswat Masriya]Cairo -The Giza Criminal Court sentenced on Monday Muslim Brotherhood Supreme Guide Mohamed Badie and 14 others to life in prison for murder a ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
4

1 week ago

Kerry to visit Egypt for IS talks

Sep 12 2014 10:35pm CDT | Source: BBC News

US Secretary of State John Kerry is due to arrive in Egypt for talks on defeating Islamic State militants in Iraq and ...
Source: BBC News   Full article at: BBC News
 

 
Update
3

1 week ago

Nawaz tried to emulate Erdogan, now risks sharing fate of Morsi: WSJ

Sep 11 2014 2:00pm CDT | Source: The Nation - Pakistan

NEW YORK - After his landslide victory in last year’s elections, Prime Minister Nawaz Sharif unsuccessfully tried to emulate Turkey’s Recep Erdogan in countering the Army’s political might, and he now risks sharing the fate of Egyptian President Muhammad Morsi, who was ousted by the Army after the 2013 protests, a report in a major US paper said on Wednesday. “Sharif is ... ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
2

1 week ago

Suez Canal II feeds Egyptian ambitions

Sep 9 2014 11:22am CDT | Source: Euronews

Egypt has begun digging a new Suez Canal, 72 kilometres long, hoping to squeeze money from it by allowing two-way traffic on the Eur ...
Source: Euronews   Full article at: Euronews
 

 
Update
1

1 week ago

Egypt Seeks to Bring Back Investors at Donor Conference

Sep 9 2014 6:19am CDT | Source: IBTimes UK

Egypt has suffered three years of political and soci ...
Source: IBTimes UK   Full article at: IBTimes UK
 

 

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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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