Promoting Egyptian-Indian economic ties , a must

Egypt's President Hosni Mubarak Sunday received Indian Foreign Minister Jaswant Singh along with his Egyptian counterpart Amr Moussa attending.

Singh had arrived in Cairo on Thursday to lead his country's delegation to the fourth session of the Egyptian-Indian Higher Committee, which wound up on Saturday.

Indian Foreign Minister Jaswant Singh said that he was happy to meet President Hosni Mubarak, adding that he delivered a message from the Indian President to the Egyptian President.

"President Mubarak expressed his condolences to the people of India over the victims of the Gujarat earthquake ten days ago and also showed great interest in-the recovery operations," Singh said after the meeting.

"The Indian people are very grateful to the President for his concern over their tragedy," he added.

He said that he had briefed the President on the latest development in South Asia,and they examined the Middle East peace process and the need to promote Egyptian-Indian economic ties.

Emerging from the meeting, Singh Sunday termed his meeting with President Hosni Mubarak as cordial and positive.

Singh reiterated Indian Prime Minister Atal Behar Va-payee's invitation to President Mubarak to visit India.

Addressing a press conference this afternoon, he said that he had posted the Egyptian President on the situation in the disputed region of Kashmir as well as other regional issues.

"Mubarak-Singh talks took up boosting economic cooperation notably in Information Technology (IT) through joint task forces formed for this purpose by the previous meetings of Egypt-India joint committee," he said.

The Indian Foreign Minister said he was sure that his talks would help expand bilateral relations politically, economically, and technologically.

Answering a query by the Middle East News Agency on his opinion of the Cairo-based Social Fund for Development (SFD) experience which India seeks to copy, Singh said that the SFD experience is encouraging.

"Talks are under way to make use of the Egyptian experience on that score with SFD Secretary General Hussein Gammal," he said.

The Indian Foreign Minister denied the presence of India-Israel nuclear cooperation. "The two countries launched cooperation in agronomy and some other commercial domains," he noted.

"The Indian position as regards the Middle East peace process is crystal clear," Singh said.

India has always stood by the Palestinian right. He himself has held telephone conversations with Palestinian Leader Yasser Arafat over the issue.

On the situation in Kashmir and tension in Indian-Pakistani relations, Singh said India is ready for dialogue with Pakistan, but only once a cease-fire is implemented across the joint borders.

Queried on how Egypt and India can bolster South-South cooperation through the United Nations and other forums, the Indian minister said that the target can be reached under the umbrella of the Non-Alignment Movement (NAM) and the Group of Fifteen.

He, however, said the globalization challenge needs more discussions on the part of the developing nations.

Later, Singh held a meeting with Prime Minister Dr. Atef Ebeid, and Foreign Minister Amr Moussa attended the meeting.

After the meeting, Singh said that he had tackled three issues with the Prime Minister: First, forming a joint task force to launch India-Egypt cooperation in information technology and software.

"Second, they tackled founding a round table for businessmen to pick up items for consultations on the table on joint projects and investments," Singh said.

"Third, Ebeid and Singh took up founding a round table on modernizing administration in Egypt and India, especially for the private sector and service companies," the Indian Minister noted.

"An Egyptian team is to visit India soon to probe cooperation in small businesses, which is seen a promising sector in the two countries," Singh said.

On his part, Egyptian Ambassador in New Delhi Guehad Madi said that Indian investments in Egypt are to jump to $ 800 million soon instead of $ 335 million at present, hence, India will top the list of foreign countries investing into Egypt.

"During the joint committee meeting held under the co-chairmanship of Moussa and Singh, the two sides agreed to double the trade exchange size to $ 487 million by 2005," he added.

On the other hand, Singh held a meeting with Economy and Foreign Trade Minister Youssef Boutros Ghali to probe the chances of holding a preferential free trade agreement.

The agreement will focus on vocational and small-scale projects, software, and engineering and mineral industries.

The two ministers said there are big opportunities for Egyptian-Indian cooperation, productive and investment integration, and official.

Ghali and Singh reviewed trade and economic cooperation between the two countries in light of the jump seen in the Egyptian exports to India up to $ 256 million in 1999/2000 from $ 65 million in 1996/97.