Financial Daily from THE HINDU group of publications
Friday, Feb 17, 2006
Financial Daily from THE HINDU group of publications Friday, Feb 17, 2006 |
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Industry & Economy
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Foreign Direct Investment Rs 50,000 crore investments likely from Gulf countries Our Bureau
New Delhi , Feb. 16 INDIA is likely to attract investments to the tune of Rs 50,000 crore from the Gulf Cooperation Council (GCC) member countries in the next five years in sectors such as oil refining, real estate and construction, infrastructure and single-brand retailing, according to the Chairman, Sharjah Chamber of Commerce and Industry, Mr Ahmed Mohammed Al Midfa. Mr Midfa was speaking at a conference on Indo-Gulf Cooperation organised by The Associated Chambers of Commerce and Industry of India (Assocham) on Wednesday. He indicated that the entire Gulf region was attracted towards India because of India's liberal economic fundamentals. The GCC is in talks to collaborate with India in the refining sector, which alone will attract investments exceeding Rs 25,000 crore, Mr Midfa said. Construction and real estate as well infrastructure were other areas in which huge investments from the Gulf region would flow towards India because of India's growing requirement of these sectors, he added. Speaking at the conference, the Minister for Overseas Indian Affairs, Mr Vayalar Ravi, said that IT and pharma are sectors in which there would be greater co-operation between the two countries. He also said that his Ministry would prepare a roadmap identifying more areas for joint cooperation between the regions. Dr Ashwani Kumar, Minister of State for Industry said that India could enhance refining services for crude oil from the gulf countries to provide India with energy security. In his inaugural address, he highlighted the importance of Gulf investments in India saying that not only Inter-Ministerial interactions were on but the concerned ministries were also paving way for huge investments from GCC to India.
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