Business | Investment
India seeks investments from Arab nations
Indian External Affairs Minister Pranab Mukherjee on Friday welcomed investments from Arab countries to contribute in the fast-growing Indian economy.
- WAM
- Published: 00:33 April 19, 2008
New Delhi: Indian External Affairs Minister Pranab Mukherjee on Friday welcomed investments from Arab countries to contribute in the fast-growing Indian economy.
Inaugurating the two-day 'India-Arab Investment Conclave' in New Delhi, Mukherjee said that there was enormous scope for Arab investment in India in diverse areas such as IT, telecom, auto parts, healthcare, biotechnology, food-processing, education, manufacturing, construction and banking services.
"There are opportunities all over but the most important opening for the future is the chance for investible capital on one side to combine virtuously with the capacity and experience on the other side," said Mukherjee.
The conclave is being held by the Federation of Indian Chambers of Commerce and industry (Ficci) and the Indo-Arab Economic Forum (IAEF).
Mukherjee, who is expected to leave for Riyadh today on an official visit, also disclosed that deputy chairman of the Planning Commission, Montek Singh Ahluwalia, will lead a delegation to Saudi Arabia next month to initiate talks for funding infrastructure projects in India.
This forms part of a concerted strategy to attract investment into India from capital rich countries in the Arab world, he said pointing out that all the Gulf countries, including the UAE, were welcome to play a role in the growing Indian economy.
Mukherjee, the senior-most minister in the Indian cabinet, stressed the enhancement of agricultural production, energy security, education and skill-building in the youth, and massive infusion of capital to achieve these goals. The Arab nations were not only flush with funds but also had a massive capacity to invest in building India's infrastructure, he said.
Ahmad Salem Al Wahishi, head of the mission, League of Arab Sates Mission in India, said the Memorandum of Cooperation and plan of action for the Indo-Arab forum to be signed by both sides will provide an umbrella for enhancing Indo-Arab ties both at the governmental and non-governmental levels, including the private sector, that will cover all aspects - economic, social and cultural.
A series of events and activities are set to be organised over a period of time.
Salman Sulaiman Al Safi, the Sudanese state minister for investment, invited Indian investment in Sudan's mining and fisheries sectors, apart from scaling up investments in the oil and gas.
Al Safi, who is leading a big delegation to the conclave from his country, emphasised the need for India and the Arab world to capitalise on the strong historical ties between the two regions.
Saleh Al Ghamdi, ambassador of Saudi Arabia to India, said the economic vibrancy in the Arab world and India provided a ripe ground to raise the level of economic engagement between the two regions. This, he said, could be achieved by looking beyond trade to two-way investments.
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