The Hindu Business Line : CII agenda to boost trade ties with GCC

THE CII agenda for economic and industrial cooperation with the GCC (Gulf Cooperation Council) countries that focuses on the strong role that can be played by the private sector to boost India's bilateral economic ties with the six GCC states, was presented to senior officials in the UAE and Saudi Arabia.

Following the success of the first GCC-India Industrial Conference in Mumbai in February, CII is seeking the effective implementation of a specific agenda for economic cooperation with the GCC states.

A copy of the agenda was presented to Dr Mohammed Khalfan bin Kharbash, UAE Minister of Finance and Industry in Abu Dhabi, this week by Mr A.C. Patankar, Principal Advisor, CII.

A copy of the agenda was also presented to the Saudi Minister for Commerce and Industry by the CII official, in Saudi Arabia, prior to his arrival in the UAE.

Mr Patankar told Business Line that in view of the strong potential for growth in industrial and business ties with the GCC states, the CII was meeting with Government and chamber of commerce officials as well as business organisations to follow up and seek their cooperation for implementation of the CII agenda.

During his meeting with Dr Kharbash, the UAE Minister assured full cooperation from the UAE and urged that India sign a Free Trade Agreement with the GCC countries as it would go a long way in boosting bi-lateral ties.

This issue was discussed at the summit as part of the framework agreement between the GGC and India and preparatory action at the official level has been taken, Mr Patankar said.

The Indian authorities are studying the proposal and he hoped that there would be some decision on the issue after the elections.

He said that the UAE is an important economic partner for India, with total value of two-way trade of all commodities touching $4.28 billion in 2002-03.

With regard to FDIs, the UAE ranks second among GCC countries with an investment of $180 million (approx).

In Saudi Arabia, Mr Patankar said that following talks with the Council of Saudi Chambers of Commerce and Industry, it was decided to initiate a CEOs forum to be held in Saudi Arabia later this year.

The objective was to get senior business decision makers from India and Saudi Arabia to hold meetings and present their requirements as well as explore opportunities and facilities for cooperation in both countries.

Meetings with chamber officials of the Saudi Eastern Provinces have also resulted in a planned visit by two CII-led Indian delegations from the oil and gas sector and downstream industries to these provinces in November with the aim of exploring joint ventures and exchange of expertise, he said.

Mr Patankar said the CII's aim is to keep up the strong momentum generated at the Mumbai summit and he would shortly be visiting Oman, Kuwait and Bahrain to present the CII agenda.

The six-point CII agenda includes bi-lateral investments in areas such as mining and minerals, infrastructure, power and telecom, special economic zones, vocational training and education, human resource programmes, as well as cooperation in emerging areas such as IT, biotechnology, healthcare and financial services and investments in the oil and gas based industries in India.

Expansion of the basket of bilateral trade and enhanced linkages between business communities are also covered under the agenda.

Establishment of an Indo-UAE CEOs forum and a visit by a high level CII industrial-cum-business delegation to the UAE are also slated for the second half of this year.

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