In a bid to boost investment relations with the Gulf countries, India is all set to extend a hand of friendship towards them later this month. According to sources, the ministry of external affairs has mandated the industry ministry to chalk out areas and define policies, which can help improve the investment flow.
“We are looking at promoting a multi-directional flow of investment and facilitating investment projects across various sectors to strengthen the Indo-Arab partnership,” an official said.
For the Arab world, there is much to be gained from India’s proven capabilities in information technology, biotechnology, pharmaceuticals, health and environmental protection and conservation. India’s role in developing scientific and technological capabilities, especially in the knowledge-based industries, can also be duly harnessed. Investors from India have already identified several of these sectors for investment.
To seek investments from the region, especially for the infra projects, the South Block is working on programmes for Prime minister Narendra Modi’s visit to the region next year. According to an Arab diplomat based in New Delhi, “The success of such a visit is expected to lead to long-term strategic deals with the regional governments. Interestingly, some countries even seek MRO facilities from India for their defence platforms.”
Most of the six-million expatriate Indians are in the Gulf countries. Together they remit annually close to $20-$30 billion — almost half of the $70-billion in total yearly remittances by Indian workers abroad. This is an important fillip for Indo-GCC economic links.
“Several business delegations from countries, including Bahrain, Brunei, Jordan, Kuwait, Morocco, Oman, Qatar, Saudi Arabia and the UAE, are sending big delegations to participate in the 4th India-Arab partnership conference to be held in New Delhi from November 26,” said MEA officials.
The two-day conference is jointly being organised by MEA and the Arab League, Federation of Arab Businessmen (FAB) and General Union of Arab Chambers of Commerce and Industry and Agriculture (GUCCIA). Apart from a review of preparations for major events on the bilateral front, the conference would seek for a greater cooperation in the field of energy, environmental protection, trade and investment, food security, science and technology and human resource development.
The conference seeks to provide a platform for Indian and Arab businessmen to interact and explore new opportunities for investment and business, with a focus on mega-investment opportunities in India to potential Arab investors.