Egypt courts Indian investors during foreign trade minister’s New Delhi visit

Special Egypt’s Foreign Trade Minister Hassan El-Khatib, C, participates in the India-Egypt Business Roundtable held by the Confederation of Indian Industry in New Delhi, March 17, 2025. (CII)
Egypt’s Foreign Trade Minister Hassan El-Khatib, C, participates in the India-Egypt Business Roundtable held by the Confederation of Indian Industry in New Delhi, March 17, 2025. (CII)
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Updated 19 March 2025
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Egypt courts Indian investors during foreign trade minister’s New Delhi visit

Egypt’s Foreign Trade Minister Hassan El-Khatib, C, participates in the India-Egypt Business Roundtable.
  • Egypt aims to increase trade with India from $4.2bn to $12bn in 5 years
  • Cairo wants more Indian companies to enter the Suez Canal Economic Zone

NEW DELHI: Egypt is trying to attract more Indian companies, particularly in the sectors of renewable energy, chemicals and information technology, its embassy in India said on Wednesday, as Investment and Foreign Trade Minister Hassan El-Khatib is on a visit to New Delhi to forge more partnerships.

El-Khatib arrived in India on Sunday for a four-day visit during which he met Commerce and Industry Minister Piyush Goyal.

He discussed with Goyal ways of “attracting more Indian investments to the Egyptian market in vital sectors such as new and renewable energy, chemicals, automobile manufacturing and its components, pharmaceutical products, textiles, communications and information technology,” the Egyptian Embassy said in a statement to Arab News.

“Both sides expressed their aspiration to increase the volume of trade exchange between the two countries in the next five years. It was agreed to work on raising the trade volume from $4.2 billion in 2024 to $12 billion.”

El-Khatib also attended the India-Egypt Business Roundtable held by the Confederation of Indian Industry.

“The discussion highlighted new opportunities emerging in trade and investments in Egypt, and the pivotal role of the Indian industry toward leveraging these opportunities. Emphasis was also made over the opportunities in the Suez Canal Economic Zone,” the CII said after the meeting.

The Egyptian minister said his government was prepared to provide Indian investors with “all forms of support and facilitation” in the special zone.

Established in 2015, the SCZone spans 461 sq. km and includes six ports and four industrial zones along the Suez Canal — one of the world’s most important maritime routes.

Talks on establishing a dedicated Indian industrial cluster in the special economic zone have been underway since 2023, when relations strengthened following Egyptian President Abdel Fattah El-Sisi’s visit as chief guest of India’s Republic Day celebrations and Indian Prime Minister Narendra Modi’s official trip to Cairo.

“Egypt is working to accelerate economic growth and views India as a major partner in this regard. India is one of the largest trading partners of Egypt in the world and over 50 Indian companies have invested nearly $3.15 billion in the Egyptian market,” Md. Muddassir Quamar, associate professor at the Centre for West Asian Studies, told Arab News.

The first investment agreement by an Indian company with the SCZone was signed in February. Under the $5 million deal, India’s Volkov Infra will establish a plant producing silico manganese and ferrosilicon from quartz and manganese ore in the East Ismailia Industrial Zone, known as “Technology Valley,” Quamar said.

“These are encouraging signs and the two sides are likely to further strengthen trade, investment and economic relations given India is keen to capitalize on the growing economic opportunities in the Eastern Mediterranean region.”


Trump signals fresh trade tensions with China

Updated 5 sec ago
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Trump signals fresh trade tensions with China

Trump signals fresh trade tensions with China
The world’s two biggest economies had agreed this month to temporarily lower staggeringly high tariffs
Trump wrote that: “China… HAS TOTALLY VIOLATED ITS AGREEMENT WITH US“

WASHINGTON: US President Donald Trump signaled renewed trade tensions with China on Friday, arguing that Beijing had “violated” a deal to de-escalate tariffs, at a time when both sides appeared deadlocked in negotiations.

Trump’s post on his Truth Social platform came hours after US Treasury Secretary Scott Bessent said that trade talks with China were “a bit stalled,” in an interview with broadcaster Fox News.

The world’s two biggest economies had agreed this month to temporarily lower staggeringly high tariffs they had imposed on each other, in a pause to last 90 days, after talks between top officials in Geneva.

But on Friday, Trump wrote that: “China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US,” without providing further details.

Asked about the post on CNBC, US Trade Representative Jamieson Greer took aim at Beijing for continuing to “slow down and choke off things like critical minerals.”

He added that the United States’ trade deficit with China “continues to be enormous,” and that Washington was not seeing major shifts in Beijing’s behavior.

On Thursday, Bessent suggested that Trump and his Chinese counterpart Xi Jinping could get involved in the situation.

Global universities seek to lure US-bound students amid Trump crackdown

Global universities seek to lure US-bound students amid Trump crackdown
Updated 2 min 44 sec ago
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Global universities seek to lure US-bound students amid Trump crackdown

Global universities seek to lure US-bound students amid Trump crackdown
  • Osaka University is offering tuition fee waivers, research grants and help with travel arrangements for students and researchers at US institutions
  • Students from Britain and the European Union are also now more hesitant to apply to US universities

TOKYO/BEIJING/LONDON: Universities around the world are seeking to offer refuge for students impacted by US President Donald Trump’s crackdown on academic institutions, targeting top talent and a slice of the billions of dollars in academic revenue in the United States.

Osaka University, one of the top ranked in Japan, is offering tuition fee waivers, research grants and help with travel arrangements for students and researchers at US institutions who want to transfer.

Japan’s Kyoto University and Tokyo University are also considering similar schemes, while Hong Kong has instructed its universities to attract top talent from the United States. China’s Xi’an Jiaotong University has appealed for students at Harvard, singled out in Trump’s crackdown, promising “streamlined” admissions and “comprehensive” support.

Trump’s administration has enacted massive funding cuts for academic research, curbed visas for foreign students — especially those from China — and plans to hike taxes on elite schools.

Trump alleges top US universities are cradles of anti-American movements. In a dramatic escalation, his administration last week revoked Harvard’s ability to enrol foreign students, a move later blocked by a federal judge.

Masaru Ishii, dean of the graduate school of medicine at Osaka University, described the impact on US universities as “a loss for all of humanity.”

Japan aims to ramp up its number of foreign students to 400,000 over the next decade, from around 337,000 currently.

Jessica Turner, CEO of Quacquarelli Symonds, a London-based analytics firm that ranks universities globally, said other leading universities around the world were trying to attract students unsure of going to the United States.

Germany, France and Ireland are emerging as particularly attractive alternatives in Europe, she said, while in the Asia-Pacific, New Zealand, Singapore, Hong Kong, South Korea, Japan, and mainland China are rising in profile.

SWITCHING SCHOOLS
Chinese students have been particularly targeted in Trump’s crackdown, with US Secretary of State Marco Rubio on Wednesday pledging to “aggressively” crack down on their visas.

More than 275,000 Chinese students are enrolled in hundreds of US colleges, providing a major source of revenue for the schools and a crucial pipeline of talent for US technology companies.

International students — 54 percent of them from India and China — contributed more than $50 billion to the US economy in 2023, according to the US Department of Commerce.

Trump’s crackdown comes at a critical period in the international student application process, as many young people prepare to travel to the US in August to find accommodation and settle in before term starts.

Dai, 25, a Chinese student based in Chengdu, had planned to head to the US to complete her master’s but is now seriously considering taking up an offer in Britain instead.

“The various policies (by the US government) were a slap in my face,” she said, requesting to be identified only by her surname for privacy reasons. “I’m thinking about my mental health and it’s possible that I indeed change schools.”

Students from Britain and the European Union are also now more hesitant to apply to US universities, said Tom Moon, deputy head of consultancy at Oxbridge Applications, which helps students in their university applications.

He said many international students currently enrolled at US universities were now contacting the consultancy to discuss transfer options to Canada, the UK and Europe.

According to a survey the consultancy ran earlier this week, 54 percent of its clients said they were now “less likely” to enrol at an American university than they were at the start of the year.

There has been an uptick in applications to British universities from prospective students in the US, said Universities UK, an organization that promotes British institutions. It cautioned, however, that it was too early to say whether that translates into more students enrolling.

REPUTATIONAL EFFECTS
Ella Ricketts, an 18-year-old first year student at Harvard from Canada, said she receives a generous aid package paid for by the school’s donors and is concerned that she won’t be able to afford other options if forced to transfer.

“Around the time I was applying to schools, the only university across the Atlantic I considered was Oxford... However, I realized that I would not be able to afford the international tuition and there was no sufficient scholarship or financial aid available,” she said.

If Harvard’s ability to enrol foreign students is revoked, she would most likely apply to the University of Toronto, she said.

Analytics firm QS said overall visits to its ‘Study in America’ online guide have declined by 17.6 percent in the last year — with interest from India alone down over 50 percent.

“Measurable impacts on enrolment typically emerge within six to 18 months. Reputational effects, however, often linger far longer, particularly where visa uncertainty and shifting work rights play into perceptions of risk versus return,” said QS’ Turner.

That reputational risk, and the ensuing brain drain, could be even more damaging for US institutions than the immediate economic hit from students leaving.

“If America turns these brilliant and talented students away, they will find other places to work and study,” said Caleb Thompson, a 20-year-old US student at Harvard, who lives with eight international scholars.


‘Deeply dangerous’ Islamophobia being promoted in UK: Baroness Warsi

‘Deeply dangerous’ Islamophobia being promoted in UK: Baroness Warsi
Updated 16 min 39 sec ago
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‘Deeply dangerous’ Islamophobia being promoted in UK: Baroness Warsi

‘Deeply dangerous’ Islamophobia being promoted in UK: Baroness Warsi
  • House of Lords member, ex-minister ‘heartbroken’ over negative portrayals of British Muslims
  • She discussed with her husband whether to prepare ‘exit routes’ from country

LONDON: Baroness Warsi, a Muslim former minister in the UK, has warned that “deeply dangerous” Islamophobic narratives are being promoted in British public discourse, The Independent reported.

The House of Lords member, who was speaking at the Hay Festival — a prominent literary and arts event — compared rising Islamophobia in Britain to the treatment of Jews in 1930s Europe.

In conversation with British-Israeli journalist Rachel Shabi, she described feeling “heartbroken” at the way Muslim communities are increasingly portrayed in the UK.

“It doesn’t matter how many times you serve and how many times you do what you do for our country,” she said. “You still don’t belong. You still don’t matter. You still can’t be trusted.”

Warsi, who was discussing her new book “Muslims Don’t Matter,” described growing up in a working-class family of Pakistani origin in Yorkshire.

The former co-chair of the Conservative Party said she had recently discussed with her husband whether it was necessary to prepare “exit routes” from Britain.

“I turned to him and I said are we going to be like those Jewish families in Europe in the 1920s and 1930s, who were always sitting back, looking at the writing on the wall and thinking, ‘No, we’re going to be all right. We’re very successful. We live in the right part of town. We’re part of the establishment.’ And then it will be too late. Should we be doing what everybody else around us seems to be doing right now, which is putting in place plan Bs and exit routes?”

Warsi warned that negative narratives surrounding British Muslims are being driven by politicians and the media.

“The good news is this isn’t bottom up,” she said. “This isn’t ordinary people sat there thinking, ‘Oh, I really have an issue with Muslims and I’m now going to have quite hateful views about them.’

“This is people in power and people with big platforms constantly telling us, ‘We can’t trust Muslims. They’re all dangerous, they’re violent, the men are sexually predatory, the women are traditionally submissive.’”

She added: “It’s these tropes which we’re constantly being told about Muslim communities which, in the end, poisons the public discourse to a point where we start seeing this community in the worst possible light.”

Warsi ended the discussion with an appeal for solidarity, and called on the British public to reject divisive narratives.

“It’s time for us to organize and it’s time for us to fight back, because all of our rights in the end will suffer,” she said.


Ukraine says it’s ready to restart talks with Russia but needs clarity on Kremlin’s terms

Ukraine says it’s ready to restart talks with Russia but needs clarity on Kremlin’s terms
Updated 36 min 35 sec ago
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Ukraine says it’s ready to restart talks with Russia but needs clarity on Kremlin’s terms

Ukraine says it’s ready to restart talks with Russia but needs clarity on Kremlin’s terms
  • “Ukraine is ready to attend the next meeting, but we want to engage in a constructive discussion,” Andrii Yermak said
  • Ukraine and its European allies have repeatedly accused the Kremlin of dragging its feet in peace efforts

KYIV: Ukraine is ready to resume direct peace talks with Russia in Istanbul on Monday, a top adviser to President Volodymyr Zelensky said, following days of uncertainty over whether Kyiv would attend a meeting proposed by Moscow.

But Ukrainian officials have insisted that the Kremlin provide a promised memorandum setting out its position on ending the more than three-year war, before the two delegations sit down to negotiate.

“Ukraine is ready to attend the next meeting, but we want to engage in a constructive discussion,” Andrii Yermak said in a statement on the website of Ukraine’s Presidential Office late Thursday.

“This means it is important to receive Russia’s draft. There is enough time – four days are sufficient for preparing and sending the documents,” Yermak said.

Ukraine and its European allies have repeatedly accused the Kremlin of dragging its feet in peace efforts, while it tries to press its bigger army’s battlefield initiative and capture more Ukrainian land.

Kyiv’s Western partners, including the US, are urging Moscow to agree to an unconditional ceasefire, something Kyiv has embraced while the Kremlin has held out for terms more to its liking.

Ukraine’s top diplomat, Andrii Sybiha, also told reporters on Friday that Kyiv is waiting for Russia to clarify its proposals ahead of a next round of talks.

“We want to end this war this year. We are interested in establishing a ceasefire, whether it is for 30 days, 50 days, or 100 days. Ukraine is open to discussing this directly with Russia,” Sybiha said at a joint news conference in Kyiv with his Turkish counterpart, Hakan Fidan.

Sybiha and Fidan also held the door open to a future meeting between Presidents Zelensky and Vladimir Putin of Russia, possibly also including US President Donald Trump. Fidan said the ongoing peace push in Istanbul could be “crowned with” such a meeting.

Kremlin spokesman Dmitry Peskov on Friday told reporters that a Russian delegation will head to Istanbul and stand ready to take part in the second round of talks on June 2.

Russia’s Foreign Minister Sergei Lavrov on Wednesday publicly invited Ukraine to hold direct negotiations with Moscow on that date. In a video statement, Lavrov said Russia would use Monday’s meeting to deliver an outline of Moscow’s position on “reliably overcoming” what it calls the root causes of the war. Russian officials have said for weeks that such a document is forthcoming.

Ukrainian Defense Minister Rustem Umerov on Wednesday said that Ukraine isn’t opposed to further direct talks with Russia, but that they would be “empty” if Moscow were to fail to clarify its terms. Umerov said he had personally handed a document setting out Ukraine’s position to the Russian side.

Low-level delegations from Russia and Ukraine held their first direct peace talks in three years in Istanbul on May 16. The talks, which lasted two hours, brought no significant breakthrough, although both sides agreed to the largest prisoner exchange of the war. It was carried out last weekend and freed 1,000 captives on each side.

Fidan on Friday voiced a belief that the successful swap has “proved that negotiations can yield concrete results.”

“There are two paths in front of us. Either we will turn a blind eye to the continuation of the war, or we will reach a lasting peace within the end of the year,” he told reporters in Kyiv.


Philippines looks to deepen trade, business ties with UAE

Philippines looks to deepen trade, business ties with UAE
Updated 30 May 2025
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Philippines looks to deepen trade, business ties with UAE

Philippines looks to deepen trade, business ties with UAE
  • Manila is anticipating the signing of a Philippine-UAE trade deal in June
  • UAE is one of Philippines’ key trading partners in the Gulf region 

MANILA: The Philippines is ready to deepen its economic partnership with the UAE, Manila’s special envoy has said, as the visit of a business delegation from Dubai concluded this week. 

Dubai Chambers organized a business forum in Manila on Wednesday as part of its “New Horizons” initiative. With its delegation visiting the Philippine capital, the business body had organized at least 180 bilateral meetings. 

The event also saw Dubai Chambers and the Philippine Chamber of Commerce and Industry sign a preliminary agreement aimed at strengthening trade and investment ties through various efforts, including sending trade missions and organizing business-matching missions. 

“The Philippines is open, ready, and eager for stronger trade and business ties with the UAE,” Kathryna Yu-Pimentel, the Philippines’ special envoy to the UAE for trade and investment, said during the forum. 

“Last year, we celebrated the 50th anniversary of diplomatic relations between the Philippines and the UAE — a golden milestone. Today, we look ahead with even more optimism.” 

The UAE is a key trading partner of the Philippines in the region. In 2023, non-oil bilateral trade between the Philippines and the UAE reached over $1 billion. The Gulf state also ranked as the Philippines’ top export market among the Gulf Cooperation Council nations, and its 17th largest trading partner globally. 

It is also home to the second-largest Filipino diaspora after Saudi Arabia, with some 700,000 overseas Filipino workers living and working in the UAE. Many are employed in the construction, healthcare and hospitality sectors.

“This upward trend will only continue, especially with the anticipated signing of the Comprehensive Economic Partnership Agreement between the Philippines and the UAE next month,” Yu-Pimentel said. 

“This will be historic in the sense that it will be our first free trade agreement with a Middle Eastern country.” 

The expected development will follow President Ferdinand Marcos Jr.’s first trip to Abu Dhabi in November, during which he met UAE President Sheikh Mohammed bin Zayed.

The two leaders committed “to deepening cooperation in various areas, including economy, trade and sustainability” during their meeting, which included discussions on the bilateral trade agreement. 

Negotiations on the free trade deal have been underway between Philippine and UAE officials since the beginning of 2024.