Al Ahram, PP.1&3 (15-11-2008)
In an interview with Osama Saraya, the Prime Minister of India: President Mubarak is an enlightened leader, who made the whole world listen to Egypt’s views with great respect and attention
Egypt, under the leadership of President Mubarak, has emerged as one of the most influential and important countries in the world…The continuing stability, progress and prosperity of Egypt are assets to the international order
Increase of trade exchange…new opportunities for tourism cooperation…Joint ventures in the field of IT
Bilateral cooperation to be enhanced in the fields of energy, food security, peaceful applications of space technology and combating terrorism
Nehru Award is in appreciation of the efforts exerted by the leader of Egypt in pushing forward the Middle East Peace Process
Interviewed by: Mr. Osama Saraya, Editor-In-Chief of Al Ahram
In an interview with "Al Ahram", the Prime Minister of India Dr. Manmohan Singh described President Hosni Mubarak as an enlightened leader, who made the whole world listen to Egypt's views with great respect and attention.
He said, "Egypt, under the leadership of President Mubarak, is one of the most influential countries in the world."
In his interview with Editor-In-Chief of Al Ahram Mr. Osama Saraya, the Indian PM Mr. Singh indicated that the two countries can cooperate in connection with several international issues, especially energy and food security, climate change, combating terrorism and extremism, establishing more just and equitable world order.
He confirmed that there are massive opportunities for cooperation between the Indian and Egyptian companies in the field of IT through the establishment of joint ventures in either of the two countries or in other countries. He indicated that e-governance is one of the most beneficial fields for bilateral cooperation, in view of India's some experience in this domain
The Indian Prime Minister indicated that the volume of bilateral trade between the two countries has grown four fold from $700 million to $3 billion last year. He added that there is a much higher level of investment flows in a wide range of sectors and there is great potential in tourism sector.
He said, "The relations between the two countries are characterized by excellent people to people contacts, substantial trade and economic interaction, cultural exchanges and common positions on many issues."
Following is the text of the interview:
Q. In view of the visit to be paid by President Mubarak to India, what is the vision of the Indian Prime Minister regarding the role of President Mubarak at the regional and international levels and the policy he has adopted to establish peace in our region and address wars, turmoil, terrorism, and the protection of the sovereignty of the third world countries in light of the current international variables especially in the unipolar world order. What is your assessment of the status Egypt reached at the regional and international levels under the reign of Mubarak?
The Indian Prime Minister: There is high regard in India for
President Mubarak. He is a statesman who has provided enlightened leadership
not only to Egypt, but also to the Arab world, developing countries and in
international forums. Under President Mubarak’s leadership, Egypt has emerged
as one of the most influential and important countries of the world. Egypt’s
views are listened to with great respect. Egypt is making a valuable
contribution to the Middle East Peace Process. The continuing stability,
progress and prosperity of Egypt are an asset to the international order. It is
in recognition of this that the Jawaharlal Nehru Award for International
Understanding was awarded to President Mubarak. I am delighted that the
President will have the opportunity to receive this Award during his forthcoming
visit.
Joint struggle
Q. What's your Excellency's evaluation of the current Egyptian Indian relations?
The Indian Prime Minister: India greatly values its relations with Egypt. These are rooted in history and in our common struggle for decolonization and in the Non-Aligned Movement. We eagerly look forward to President Mubarak's visit, which will take place after many years.
Our relations are characterized by excellent people to people contacts, substantial trade and economic interaction, cultural exchanges and common positions on many issues. Over the years, new elements have been infused into this historic partnership. These include cooperation in science and technology, information technology, peaceful uses of outer space, health and medicines etc. In the last five years our annual bilateral trade has grown four fold from $700 million to $3 billion last year. There is a much higher level of investment flows in a wide range of sectors. There is great potential in the area of tourism.
India and Egypt can also work together on many global issues such as energy security, food security, climate change, combating terrorism and extremism, and creating a more just and equitable international order.
Based on solid foundations, we need to modernize our relations and elevate them to our contemporary needs and priorities. I am confident that President Mubarak's visit will further strengthen our ties and provide fresh impetus and directions to the bilateral relationship.
Joint Ventures
Q. How do you perceive the aspects of the Egyptian-Indian
cooperation in the field of software given the fact that India is considered one
of the leading countries in this domain, in addition to Egypt's status in this
field in the Middle East and the Arab region?
The Indian Prime Minister: I am happy that some of our
leading Information Technology companies have established their business
development centres in Egypt, or are in the process of doing so. This is a
reflection of the great promise that the Egyptian market and Egyptian skills and
human resources offer. There is also vast potential for co-operation between
Indian and Egyptian IT companies through joint ventures in each other’s
countries and in third countries. One area that offers itself for mutually
beneficial cooperation is
e-governance in which we have some experience.
Egyptian facilities
Q. Huge Indian investments estimated at $ 350 million have been pumped into Egypt over the past years and they have been doing well. Are you satisfied with the level of the current Indian investments in Egypt? And, in your point of view, what are the appropriate fields for pumping more Indian investments in Egypt in the next period in the light of the investment-friendly atmosphere in Egypt?
The Indian Prime Minister: I am extremely happy that Indian investments in Egypt have steadily increased. We are grateful to the Government of Egypt for facilitating the entry of Indian companies. The growth of the Egyptian economy together with the strengths of the Indian corporate sector offer a unique opportunity to leverage our complementarities. Several Indian companies have today established themselves at the global level. I see considerable prospects for mutually beneficial investments in areas such as petrochemicals, cement, minerals, automobiles, and pharmaceuticals. We would also welcome Egyptian investment into India.
Strict restrictions
Q. The international financial crisis affected the economic situations in many world countries. How has India dealt with this crisis? And what are its plans to stand up to the repercussions of what happened in Wall Street? Does Your Excellency think this crisis would negatively affect the status of your country as an emerging economy?
The Indian Prime Minister: The current international economic and financial crisis has emanated from the nerve-centre of capitalism. In a globalised world, we however cannot remain unaffected by the crisis. Fortunately, our banking system has not been exposed to the kind of problem assets which triggered the crisis. Our banks and financial institutions are well regulated and well capitalized. We have taken steps to ensure liquidity and credit availability in the system.
Our immediate objective is to ensure that we minimize the impact on our growth rate. The fundamentals of our economy continue to remain strong. Our savings rate is 35% of GDP and investment rate is 37% of GDP. Our domestic market and domestic demand have been the main drivers of our economic growth. This factor will help us in containing the fallout of a global economic slowdown. We expect the Indian economy to grow by 7-7.5% next year. I am confident that the Indian economy has the resilience to sustain its earlier annual growth rate of 9% in the medium run. A large economy like India is well placed to contribute to a global recovery process.
On the international front, we are working closely with other countries to ensure coordinated policy action and to ensure that development aid and the attainment of the MDG targets are not affected by this crisis. We need to review the role of international financial institutions to ensure better supervision, regulation and putting in place early warning systems.
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