Even as the global trade volume is shrinking, India has started exploring avenues for more business in the West Asia. India is set to take the Jordan route for tapping business opportunities in Iraq.
Also, since there has been decline in the trade with Syria, government is keen to identify more areas for investments and joint ventures, said senior officials. A 20-member multi-sectoral industrial business delegation from Ficci is leaving for the two countries Syria and Jordan on a three-day visit to evaluate two markets as potential gateways for enhancing business opportunities for Indian businesses to rest of West Asia.
Speaking to FE from Syria, Amer Husni Lutfi, minister of economy and trade, said that, ?The interaction of both Indian and Syrian businessmen could be a good chance to overcome obstacles and barriers. It could also be a good chance to draw our dimensions for the future.?
Recalling the visit of the Syrian president Bashar Al-Assad visit to India 2008, the minister said that ?One outcome of the discussions with President Prathiba Patil was signing a an agreement for mutual protection and promotion of investments.?
Amit Mitra, secretary general, Ficci, told FE, ?The delegation includes industry representatives from some of the sun-rise sectors. These industries can have critical business synergies with their counterparts in Syria and Jordan.?
According to officials, the delegation is seeking to renew cultural and economic ties that India has enjoyed with the two countries. And the visit would provide an ideal opportunity for evaluating business prepositions and how best to consolidate the presence of Indian products in the two markets. Syria and Jordan are also viewed as the potential gateways for Indian goods and services to reach out to the rest of West Asian markets,? Ficci officials added.