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Trade Relations of India and Egypt
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Trade Relations
India & Egypt
India
India, officially the Republic of India is a country in South Asia. It is the second-most populous country, the seventh-largest country by land area, and the most populous democracy in the world. Bounded by the Indian Ocean on the south, the Arabian Sea on the southwest, and the Bay of Bengal on the southeast, it shares land borders with Pakistan to the west; China, Nepal, and Bhutan to the north; and Bangladesh and Myanmar to the east. In the Indian Ocean, India is in the vicinity of Sri Lanka and the Maldives; its Andaman and Nicobar Islands share a maritime border with Thailand and Indonesia.
Egypt
Egypt, officially the Arab Republic of Egypt, is a transcontinental country spanning the northeast corner of Africa and southwest corner of Asia by a land bridge formed by the Sinai Peninsula. Egypt is a Mediterranean country bordered by the Gaza Strip and Israel to the northeast, the Gulf of Aqaba and the Red Sea to the east, Sudan to the south, and Libya to the west. Across the Gulf of Aqaba lies Jordan, across the Red Sea lies Saudi Arabia, and across the Mediterranean lie Greece, Turkey and Cyprus, although none share a land border with Egypt.
Trade Relations
Trade is a basic economic concept involving the buying and selling of goods and services, with compensation paid by a buyer to a seller, or the exchange of goods or services between parties. Trade can take place within an economy between producers and consumers.
Oil
In 2003, Indian giant Reliance signed a contract with the Egyptian General Petroleum Corporation to import 8 shipments of crude oil in 2003. Two years preceding the contract, they had imported shipments from Egypt. In August 2004, the Indian company GAIL procured 15% of the Egyptian Company Nat Gas which deals with marketing and distributing natural gas in Egypt.
Egyptian and Indian ministers of petroleum met in 2004 in Egypt to discuss the prospect of investment and purchase of oil and gas from Egypt.
Power
In 2008, India's KEC International Limited, received its largest order worth Rs. 636 crore from Egyptian Electricity Transmission Company. The order was funded through the European Investment Bank and the Egyptian National Bank. The order included design, supply and construction of power transmission towers and laying of 196 kilometres of transmission lines in Egypt. It was completed on a turnkey basis within a period 24 months. This, however, was not the first time. KEC International has been laying power transmission lines in Egypt for more than 40 years. Recently, KEC International was engaged in a Rs. 60 crore contract for supply of overhead transmission towers for the Egypt–Jordan Transmission Line.
Investments
In 2011, Egyptian investment in India was at about US$30 million. El Sewedy Group, an Egyptian company, manufactures electric metres in India. Another Egyptian company, Orascom Telecom, used to have 10% stake in the then Hutchinson-Essar which has since been bought by Vodafone.
History of Trading
History of Trading
All through the years India and Egypt have been having lot of relations thoroughly. The one we are talking about is the trading part. In the medieval times they used both land and water trade