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Our Bureau

Mumbai, Aug. 14

Exim Bank of India has signed a memorandum of co-operation with the Gulf Investment Corporation (GIC).

This will facilitate exchange of relevant informant and joint identification of avenues to improve two- way trade and investment between the Gulf Co-operation Council Region (GCC) and India, said a press release.

The memorandum of co-operation will aid regular exchange of information on trade, business and investment opportunities as well as co-financing and co-investment of projects. It will also help locate suitable joint venture and trade partners, said the release

GIC is one of the largest investment banking and asset management firms in the GCC region. According to Exim Bank’s estimates, the total non-oil trade between India and the GCC region rose from $6.8 billion in 2002-03 to $22.5 billion in 2006-07, a growth of 35 per cent.

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