The Hindu Business Line : Mumbai declaration to boost India-Gulf ties

Mumbai May 31 The third India-GCC Business Conference (Industrial Forum) saw the adoption of the Mumbai Declaration to enhance economic engagement between the two sides in a number of new areas.

A major outcome was the decision to facilitate and expedite projects in the field of agriculture and food processing which have been identified as a new sector with significant opportunities for trade and investment.

Gulf Cooperation Council (GCC) States would receive and facilitate the visits of Indian agro processing companies particularly that of the Agricultural and Processed Food Products Export Development Authority and India will reciprocate, said the declaration.

Areas of co-operation

The declaration calls for a holding company to promote joint venture projects of small and medium enterprises in both India and GCC countries. The specific areas of co-operation will be in real estate development, energy (oil, gas and power), petrochemicals and infrastructure sectors particularly ports, airports, railways, road transport and highways the declaration added.

Earlier, in his valedictory address, the Union Commerce and Industry Minister, Mr Kamal Nath, pointed out that while "both sides have recognised that oil has and will continue to be the mainstay of India-GCC economic cooperation, there has been an increased recognition of the fact that while India needs to secure its energy needs through increased Gulf cooperation, both sides cannot afford to overlook the opportunities emerging in other sectors. India's global comparative advantages place the country on a higher keel as an attractive investment destination and hence a natural partner for GCC countries."

Countries from GCC could look at India to invest their surplus petrodollars (thanks to the spiralling oil prices) in India and explore avenues for investments in this low-cost, labour-rich manufacturing and industrial processing base, he added.

More Stories on : Foreign Trade | Maharashtra

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page