-Caveat Lector-
From
http://www.wired.com/news/print/0,1294,49603,00.html
}}}>Begin
India to Saddam: Power to You
By Manu Joseph
2:00 a.m. Jan. 16, 2002 PST
MUMBAI, India -- India is one of the most willing and ready partners
in America's war against terror, but in matters of world trade the
world's largest democracy refuses to take its cues from Washington.
While America considers Iraq a terrorist state, India's traditionally
good relations with the Arab nation has contributed to its becoming
the largest exporter of electrical equipment to Iraq.
Of the $750 million that Iraq has doled out for its electrical needs
during the past three years, India has raked in $350 million of it, a
figure that figures to double if Iraq has its way. When Sahbaan
Mahjoob, the Iraqi minister for the Commission of Electricity,
visited India post-Sept. 11, he said that he was hoping for Indian
exports of up to $700 million in the next two years.
See also:
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"There is a large trade potential as Iraq is rebuilding its power generation plants,"
Mahjoob said. Fifty percent of all Indian exports to Iraq involve power generation
plants and electrical equipment. Still, there's room
to grow. About 400 large- and medium-sized Indian electrical companies, members of
the Indian Electrical and Electronics Manufacturers' Association (IEEMA), produce over
$8 billion worth of equipment and goods every year
.
In February, a delegation from IEEMA will visit Iraq to find ways to increase its
exports to that country. "When you say you are Indian in Iraq, they really warm up to
you," said Sunil More, the secretary general of IEEMA
. Iraq does its trade with India through United Nations' oil-for- food program.
"Food here is not food alone but other things that the U.N. perceives as basic
necessities," said IEEMA's president, V.P. Mahendru.
Every few months, Iraq makes a shopping list and presents it to the United Nations,
which has a deposit of the money earned from the sale of Iraqi oil in designated banks.
"This deposit is constantly refilled by the regular sale of Iraqi oil and may amount
(for) over a billion dollars," Mahendru said. The U.N. then ensures that the required
money reaches the supplier.
That is the official system.
"There is another way of trading with Iraq which is illegal but is a regular
practice," said an Indian businessman who has visited Iraq. "Iraq's crude oil pipeline
runs through countries like Jordan and Syria. You send wh
atever Iraq wants but doesn't want the U.N. to know, to an agent in, say, Syria.
"There is an understanding between the Syrian and the Iraqi governments to pump out
some oil from Iraq's pipeline, encash it and send the money to the supplier. How do
you think Iraq's planes fly? From where do they get t
he components?
"The truth is that electrical and electronic companies in many countries want to do a
lot of business with Iraq. Some of them use this route. But the U.N. route is safer.
To begin with, you know you will get your money".
Rajesh Jain who has been a part of a business delegation travelling to Iraq to improve
trade relations, confirms the existence of this clandestine system.
"I don't know the scale at which these things happen but I believe this system is very
much in place." He said he didn't know if Indian companies, too, followed "the route."
India faces a lot of competition from European and Chinese firms, but to a great
extent "historical ties" -- as the Iraqi power minister called it -- between the two
nations have helped.
Now Indian firms are looking very seriously at Afghanistan as it begins rebuilding
itself. It's a similar situation: a war-ravaged nation whose new governors think of
India somewhat fondly.
Related Wired Links:
Oh Boy, an Indian Controversy
Dec. 3, 2001
Indian Cipro Copies Don't Pay Off
Nov. 8, 2001
Indian IT Firm for Non Dummies
Nov. 3, 2001
Does Official Taliban Site Exist?
Oct. 30, 2001
After Bullets Fly: War of Words
Oct. 11, 2001
Smallpox's 7 Percent Solution
Sep. 28, 2001
Making the Case for Pakistan
Sep. 27, 2001
'Disposa-Planes' Groomed for War
Sep. 25, 2001
Monopoly Clicks Off India Callers
Sep. 25, 2001
State of Bio Defense: Not Good
Sep. 20, 2001
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