Morsi wants India to join Suez Canal corridor project

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March 19, 2013
morsiNew Delhi, Mar 19: Egypt Tuesday pushed for India to join its ambitious Suez Canal corridor project as Indian Prime Minister Manmohan Singh and Egyptian President Mohamed Morsi met here for talks to forge closer cooperation in economic and other fields.

Morsi, Egypt's first democratically elected president who came to India after a day-long visit to Pakistan, said he welcomed India's contribution in the Suez Canal corridor project that is aimed to become a bridge connecting Africa with Asia.

Speaking to the media after a meeting with Prime Minister Manmohan Singh, Morsi said the corridor project once ready would make Egypt a hub for India's exports to the West and boost Indian exports to $200 billion.

The 190-km corridor project aims to turn the Suez Canal banks into a global economic zone and earn billions of dollars in revenue for Egypt. The European Bank for Reconstruction and Development (EBRD) has offered to invest Euro one billion in the project.

Morsi said in his talks with Prime Minister Manmohan Singh both sides had agreed to reinforce bilateral relations in various areas, including political, economic, military, cultural and tourism and "agreed to promote ties till they reach the level of strategic partnership".

India offered to share its experience in the field of IT, renewable energy, services, electronics, small and medium enterprises, manufacturing and fertilizers. Both sides inked seven agreements, including five MoUs, in the field of cyber security, Information Technology.

India is setting up a solar energy project in a village in north Egypt and also setting up a centre of excellence in IT at the well known Al Azhar University.

Morsi, who is facing troubles back home with a court ordering cancellation of the April 22 parliamentary elections, thanked India and its people for support for his country post the 'Arab Spring' revolution two years ago.

He said bilateral trade, despite the political tumult in his country, had grown to $5.5 billion, growing $2.5 billion in the past one year alone. Morsi, who has brought along a high-level delegations comprising seven minister-level officials and top business heads, said Egypt was keen to attract more Indian investment.

Prime Minister Manmohan Singh said India "deeply appreciates" the fact that Morsi has undertaken a state visit to India despite his pressing domestic commitments. "This is a reflection of his personal commitment to our relationship," he said.

The prime minister conveyed India's full support to Morsi and "offered to share our experience as he ably leads his nation in building strong institutions and frameworks for democracy, social justice and inclusive economic development".

He said Egypt's location "as a bridge between Asia and Africa, astride a major global trade route, together with its skilled human resources, makes it an attractive business destination for India".

Both sides have agreed to foster productive partnerships in socio-economic development programmes, skill development, higher education, agriculture and health care and also agreed to enhance defence exchanges and cooperation.

On Palestine, Manmohan Singh conveyed India's support to the Palestinian cause and expressed deep appreciation for the role played by Egypt in trying to forge unity between the Palestinian groups - Hamas and Fatah -- and work towards a peaceful resolution.

On Syria, both sides condemned the violence and agreed on the urgent need for a peaceful resolution of all issues through dialogue.

Both sides also agreed to intensify efforts on issues that affect developing countries, and increase coordination in various international forums, including the United Nations, G-77 and the Non Aligned Movement.

India and Egypt are founders of the Non-Aligned Movement and the two countries shared a very close relationship till the sixties during the time of Indian prime minister Jawaharlal Nehru and Egyptain President Gamal Abdel Nasser. But the relationship cooled off thereafter and the 30-year rein of previous president Hosni Mubarak were not marked by close ties.

Morsi has been keen to take Egypt's foreign policy away from its pro-West orientation and shift the focus back to Asia and the developing world.

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Agencies
May 19,2020

New Delhi, May 19: Former Union Minister P Chidambaram said that as the fourth phase of the nationwide lockdown amid the coronavirus scare began from Monday, his thoughts were with the people of Kashmir who were in a "terrible lockdown within a lockdown."

The senior Congress leader said that at least now, the people in the rest of India will understand that he dubbed the "enormity of the injustice" done to those who were detained in Kashmir and those still under detention" immediately before and after the abrogation of Article 370 of the Indian Constitution on August 5, 2019.

Chidambaram said that former Jammu and Kashmir Chief Minister Mehbooba Mufti was the "worst sufferer" of preventive detention and even courts had shirked their constitutional duty with respect to detainees.

"The worst sufferers are Mehbooba Mufti and her senior party colleagues who are still in custody in a locked-down state in a locked-down country. They are deprived of every human right," he said in a statement.

"I cannot believe that for nearly 10 months, the courts will shirk their constitutional duty to protect the human rights of citizens," he added.

The detention on Mehbooba Mufti under the Public Safety Act (PSA) had been extended for three more months on May 5. Booked under the stringent PSA, she was initially kept at the Hari Niwas guesthouse in Srinagar but later shifted to a Tourism Department hut in the Chashma Shahi area.

She was shifted to her Gupkar Road official residence on April 7.

Besides Mehbooba Mufti, two other former Chief Ministers -- Omar Abdullah and his father Farooq Abdullah -- were also detained under the PSA but later released.

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News Network
February 18,2020

New Delhi, Feb 18: India emerged as the world's fifth-largest economy by overtaking the UK and France in 2019, says a report.

A US-based think tank World Population Review in its report said that India is developing into an open-market economy from its previous autarkic policies.

"India's economy is the fifth-largest in the world with a GDP of $2.94 trillion, overtaking the UK and France in 2019 to take the fifth spot," it said.

The size of the UK economy is $2.83 trillion and that of France is $2.71 trillion.

The report further said that in purchasing power parity (PPP) terms, India's GDP (PPP) is $10.51 trillion, exceeding that of Japan and Germany. Due to India's high population, India's GDP per capita is $2,170 (for comparison, the US is $62,794).

India's real GDP growth, however, it said is expected to weaken for the third straight year from 7.5 per cent to 5 per cent.

The report observed that India's economic liberalisation began in the early 1990s and included industrial deregulation, reduced control on foreign trade and investment, and privatisation of state-owned enterprises.

"These measures have helped India accelerate economic growth," it said.

India's service sector is the fast-growing sector in the world accounting for 60 per cent of the economy and 28 per of employment, the report said, adding that manufacturing and agriculture are two other significant sectors of the economy.

The US-based World Population Review is an independent organisation without any political affiliations.

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News Network
May 14,2020

London, May 14: Fugitive liquor baron Vijay Mallya on Thursday urged the Central government to accept his offer to repay 100 per cent of his loan dues and close the case against him.

While congratulating the Centre for introducing Rs 20 lakh crore relief package to boost the economy amid the coronavirus lockdown, Mallya, lamented that his repeated attempts to pay back his dues have been ignored by the Indian government.

"Congratulations to the Government for a Covid 19 relief package. They can print as much currency as they want BUT should a small contributor like me who offers 100% payback of State-owned Bank loans be constantly ignored? Please take my money unconditionally and close," he tweeted.

Earlier this month, Mallya had sought permission to appeal against a ruling ordering his extradition to India in Britain's highest court the UK Supreme Court.

The application comes two weeks after the High Court in London - the UK's second-highest court - dismissed Mallya's appeal against a lower court ruling that he be sent to India to face charges of defrauding a consortium of Indian banks of more than Rs 9,000 crores relating to the collapse of Kingfisher Airlines in 2012.

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