17-05-08 After Saudi Arabia and the United Arab Emirates (UAE), India is set to focus on regional heavyweight Egypt to advance its ties with West Asia.
The Minister of State for Commerce and Power, Jairam Ramesh, is setting course for Cairo and Sharm-El-Sheikh. Mr Ramesh will be the special envoy of Prime Minister Manmohan Singh at the World Economic Forum (Middle East), which begins at Sharm-El-Sheikh.

This is the first occasion when India has been invited to the Forum’s West Asia conclave. Recognising India’s stakes in the political and economic stability of the region, Egypt, which is hosting this event, has played its part in ensuring New Delhi’s participation, diplomatic sources said.
Mr Ramesh’s upcoming visit follows visits by External Affairs Minister Pranab Mukherjee to Saudi Arabia and the United Arab Emirates (UAE). India is looking at the Gulf as one of the key sources for funding infrastructure development which is likely to absorb at least $ 500 bn.

While India attaches vital importance to West Asia for fulfilling its energy requirements, the region is beginning to see India as a source for beefing up its food security. Mr Ramesh’s visit to Cairo, during the second leg of his tour, is expected to provide the political inputs to fast-track India’s growing economic ties with Egypt.
Analysts point out that India needs to take advantage of Egypt’s unique geo-strategic location at the junction of Asia, Africa and Europe. The ownership of the Suez Canal enables Egypt to control the East-West sea routes. It enjoys duty-free access of its products to Arab countries, countries which are part of the Common Market for Eastern and Southern Africa (COMESA) and the European Union (EU).

Egypt’s General Authority for Investments and Free Zones (GAFI) has been seeking Indian investments, which can take advantage of the country’s market access in three major regions of the world.
India’s economic engagement with Egypt has broadened considerably in recent years. On oil and gas, the Gas Authority of India Limited (GAIL) has bought into two gas distribution companies. Besides, ONGC-Videsh and the Gujarat State Petroleum Corporation have acquired two blocks each for hydrocarbon exploration.