FIIs of GCC nations should invest in India, says Nath

Mumbai, May 30 | Updated: May 31 2007, 05:30am hrs
Commerce minister Kamal Nath on Wednesday said services were one of the most important areas for India-Gulf Cooperation Council (GCC) co-operation in trade and investment. Speaking at the valedictory session of the 3rd India-GCC business conference, Nath said transfer of technology will also go a long way in realising the potential of India-GCC trade. FIIs of GCC countries could also look at investing in Indian equity. .

Releasing the Mumbai declaration, which recorded specific steps to facilitate and expedite business tie-ups and arrangements in various fields, Nath announced Indias plans to expedite the conclusion of the India-GCC Free Trade Agreement (FTA) and also actively pursue a comprehensive economic agreement.

Commerce and industry minister of Saudi Arabia Hasheem Bin Abdullah Bin Al Yamani said the Mumbai declaration has set the rhythm for meetings in future. Four specific areas of co-operation, not excluding others, have been deliberated upon to further the process and spearhead the expedition of investment ideas, he said. His Oman counterpart Maqbool Ali Sultan said the final draft of the India-GCC FTA is likely be ready for signing in 2008.