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G. Srinivasan

New Delhi, May 13

India and Egypt would hold ministerial level discussions in Cairo for further boosting economic engagement on May 19, when the Minister of State for Commerce and Power, Mr Jairam Ramesh, visits Egypt as India’s representative in the annual high-level World Economic Forum on West Asia to be held at Sharm El Sheikh.

Official sources told Business Line here that India is already the third most crucial destination for Egypt’s exports.

Bilateral trade in 2007-08 amounted to $2.5 billion with India likely to emerge among the top ten foreign investors in Egypt.

India’s aggregate foreign direct investment of about $400 million already in place and another $1 billion of FDI in the pipeline would catapult India into this prestigious slot, the sources said.

Among the prominent Indian investors in Egypt include Aditya Birla Group, Sanmar Group and Asian Paints. Besides, information technology leaders such as Wipro and Satyam have opened development centres in Cairo, and TCS is scheduled to follow suit.

In fertilisers and petrochemicals, companies such as Tata Chemicals, IFFCO and South Asian Petrochem are exploring firm investment opportunities.

GAIL has bought into two gas distribution companies, while ONGC-Videsh and Gujarat State Petroleum Corporation have two blocks each for hydrocarbon exploration.

The sources said Rail India Technical and Economic Services (RITES) is looking to execute feasibility studies for the 150-km Egypt and Libya and the 500-km Egypt-Sudan rail links, the sources said, adding that Konkan Railway Corporation (KRC) has been sounded out by the Egyptian Government for collaboration in anti-collision technology in which KRC holds patents.

Ranbaxy, Kiroloskar, Dabur, Ashok Leyland, and Essel also have investment presence in Egypt.

The sources said that besides Pakistan and Iran, Egypt has been identified as a new thrust area for tea exports from India with the Tea Board and the Indian Tea Association (ITA) proposing to hold tea marketing meet as part of a major promotional campaign in Egypt to be inaugurated by Mr Ramesh.

A proposal to set up India Tea Centre in Cairo is also on the anvil as a joint initiative of the Tea Board and private tea industry associations, the sources said.

When contacted, Mr Ramesh said that West Asia is a region of profound importance to India as it remains the major source of oil and gas for the country and being a host to over four million Indians working there who remit $12-15 billion a year to India.

Mr Ramesh is representing India at the high-level World Economic Forum as the invitation has been extended to the Prime Minister, Dr Manmohan Singh.

The Sharm El Sheikh meet would be inaugurated by the US President, Mr George Bush, and Egypt President Mr Hosni Mubarak and leaders from 55 countries would take part in the event.

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