Indo-Egypt Economic Relations
A very good relationship is being established between
India and Egypt both in economic and political spheres from the very beginning
during the non-aligned movement, which is considered as the land mark of the
freedom struggle of India. The year 2002 was considered as year of India in
Egypt by the Egyptian ministry of foreign trade for further enhancing the
bilateral relationship. The agreements between the two countries is based upon
the most favored nation clause.
|
|
According to the
department of commerce and Industry in India, Indian exports to Egypt have
touched $ 423.68 million in 2004 which is up by 15.29% and the imports from
Egypt have reached $ 137.27 million in the same year which is up by 39.77%.
The main exportable items from India were Iron and steel,
Jute yarn, Plastic and rubber, Chemicals and engineering goods.
The main importable items were petroleum products, raw
cotton, rock phosphate, Cooking coal and marble.
Investment
It is seen that making business in Egypt offers a large
domestic market, a better infrastructure base, skilled main power etc. The
general authority of foreign investments in Egypt, India is the twelveth
largest investor in Egypt and it is predicted that in the end of the year 2005,the
total investment of India in Egypt will cross $ 450 million in 43 business
ventures. The Gas Authority of India Limited (GAIL) has planned to make an
investment over $6 million in the gas distribution ventures in Fayoum and
Cairo. The important sectors where the cooperation has increased are
Information technology, Pharmaceuticals, chemicals, Fertilizers, Steel, Energy
and agricultural equipments.
Indian companies have given a very good step in exploiting
the business environment in Egypt. The oberoi group operates hotels in Egypt.
The companies like Tata motors, Asian Paints, Ranbaxy, Ashok Leyland, NIIT,
GAIL, HDFC, Dabur India Ltd, Unit trust of India, Kirloskar Brothers, Thappar
Group and others are considered as the major investors in the land of Egypt.
Washington Mutual Credit Card
Chase Credit Card
Chase Credit Card Online Payment
|