Indian growth story incomplete without Arab participation: Minister

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By IndiaTomorrow.net,
New Delhi, 26 Nov 2014: Ms. Nirmala Sitharaman, Minister of State (Independent Charge), for Commerce, Government of India, today made an impassioned plea to the Arab public and private sectors to cash in on the opportunities for doing business in India and invited them to come and invest in this country.

Inaugurating the two-day 4th India-Arab Partnership Conference here, Ms. Sitharaman said, “The Indian growth story would be incomplete without the participation of friends like the Arab League” and noted with satisfaction that India and the Arab world are directing their economic relations towards long standing commitments.

Aiming to provide a platform for Indian and Arab businessmen to explore new opportunities, the conference is being organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) in association with the Ministry of External Affairs, India, and the League of Arab States (LAS).

The Minister said, “Our trade statistics indicate that our mutual economic dependency is growing as the bilateral trade between India and Arab countries has reached US$ 185.6 billion in 2013-14 which is 24.3% of the total trade of India with the world from US$ 103.8 billion in 2009-10 which was 22% with the world.

She said that it has become evident that the unprecedented movement in relative wealth and economic power from West to East, now under way, is leading to a global multi-polar system in which India and Arab countries can play an important role. These political and economic events are also leading to the unshackling of hitherto unexplored potentialities and capacities that existed in these markets. These markets have the capacity to reinvigorate the slowdown-hit global economies and Government of India remains fully committed and keen to play a pivotal role in accelerating the process of mutually benefiting relations with the Arab world.

Ms. Sitharaman noted that there lies tremendous potential for technical transfer between India and the Arab nations. Arab business entities could look at joint ventures with Indian companies.

The conference is being held in the backdrop of the first senior officials meeting between India and the 22-member league here earlier this month which discussed expanding business ties, especially in energy and information technology.

At the inaugural session, FICCI signed Memorandum of Understanding (MoU) with the Bahrain Chamber of Commerce and Industry and the Federation of Arab Businessmen.

Nirmala Sitharaman, Minister of State for Commerce, India (2nd from left).

Dr. (Ms.) Jyotsna Suri, President-Elect, FICCI, in her welcome address, told the delegates that a big opportunity awaits Arab companies to join hands with their counterparts in India in the areas of manufacturing, physical infrastructure, wind and solar energy and shale gas recovery.

The inaugural session was also addressed by the Arab Ministers including Dr Abdulmohsen Medaj Al-Medaj, Deputy Prime Minister & Minister of Commerce and Industry, State of Kuwait; Mr. Tawfiq Fawzan Al Rabiah, Minister of Commerce and Industry, Kingdom of Saudi Arabia; Mr Gehad Hamza Hamid Hamad, State Minister of Trade, Republic of Sudan; Dr Taisir I M Amre, Deputy Minister, Ministry of National Economics, State of Palestine; Ms. Ebyan Mahamed Salah, Ambassador of the Federal Republic of Somalia to India & Dean of League of Arab States Mission; Dr. Thamer Alani, Manager of Economic Relations Department, Dr. Hamdi Tabbaa, President, Federation of Arab Businessmen and Mr. Abdallah Salah, President of Maan Chamber of Commerce.

Pointing to the Arab world’s historical and now strategic ties with India based on being neighbours across the Arabian Sea, Saudi Arabia’s Commerce Minister Tawfiq Fawzan Al Rabiah told the conference that “India is one of the biggest trading partners of Saudi Arabia. Relations between India and the Arab world have a long history.”

“The Indian rupee was a currency in the Gulf till not very long ago. Geographical closeness has given a new dimension to our relations. Urdu and Indian culture are very popular in the Arab world,” he added.

Saudi Arabia is India’s largest supplier of crude oil and the fourth biggest trading partner. Bilateral trade amounted to $48.75 billion in 2013-14. India is the 5th largest market for Saudi products and is, in turn, the seventh largest source of imports to that country.

Some of the specific areas for discussions at the conclave include pharmaceuticals, food and energy security, notably from renewable sources, healthcare, tourism, banking, human resource development, education, research and technology development.

Member countries of the Arab League, home to over 7 million Indians and with a collective GDP of nearly $3 trillion, are a major destination for India’s exports. Their investments to India have crossed $3.5 billion since April 2000.

— With inputs from IANS

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