The Hindu : National : Pranab’s Egypt visit part of growing ties with West Asia

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Pranab’s Egypt visit part of growing ties with West Asia

Atul Aneja

Discusses with Mubarak roadmap to revive economic, political ties

Reliance petrochemicals project and an IFFCO plant await Cairo’s clearance
Egypt has sought India’s participation in joint ventures in Africa

SHARM EL-SHEIKH: India’s bid to reinforce ties with West Asia has taken another step forward with the visit to Egypt by the External Affairs Minister, Pranab Mukherjee.

Mr. Mukherjee held talks on Wednesday with the Egyptian President, Hosni Mubarak, on a roadmap to revive economic and political ties. The Minister also had a brief meeting with his counterpart, Mohammed Abul Gheit. Detailed talks with Mr. Gheit are slated for Thursday in Cairo.

Diplomatic sources have said that Mr. Mukherjee’s visit to Egypt advances India’s bid to reengage West Asia. The Minister visited Saudi Arabia — another regional heavyweight — in April. This was followed by his visit to the United Arab Emirates , which has already emerged as the region’s economic powerhouse. Mr. Mukherjee had visited Oman in January. A brainstorming session there with Indian ambassadors posted in the region, kick-started the process of reinforcing New Delhi’s relationship with the region, sources observed. Mr. Mukherjee’s talks began in the backdrop of growing economic ties between India and Egypt.

Apart from trade, India has been keen to increase its investments in Egypt. Mr. Mukherjee told reporters that India’s investments in Egypt will rise from the current level of $700 million to $2 billion if the Egyptian authorities approved two key projects. These include a petrochemicals project worth $1.5 billion that Reliance Industries plans to set up in Egypt. The fertilizer giant, IFFCO, is also awaiting clearance for a $350-million phosphoric acid plant.

Mr. Mukherjee said that discussions were also held to give A new direction to the Non Aligned Movement (NAM). “The economic dimension of the movement needs to be highlighted as part of South-South cooperation,” he said.

Mr. Mukherjee congratulated Mr. Mubarak for hosting the NAM summit slated next year. Mr. Mukherjee said that the two countries needed to jointly address the international food and energy crises. India and Egypt are already working together in the oil and gas sector. The Oil and Natural Gas Corporation-Videsh (OVL) has already struck oil in the Gulf of Suez, while the Gujarat State Petroleum Corporation (GSPC) is exploring oil in the Mediterranean Sea.

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