Gulf | Oman
India seeks stronger economic ties with Gulf
Indian Prime Minister Manmohan Singh was received in Muscat on Saturday by Oman's Deputy Prime Minister for Council of Ministers Sayyid Fahd Mahmoud Al Saeed as he embarked on a three-day Gulf tour.
- Staff Report
- Published: 22:50 November 8, 2008
Muscat: Indian Prime Minister Manmohan Singh was received in Muscat on Saturday by Oman's Deputy Prime Minister for Council of Ministers Sayyid Fahd Mahmoud Al Saeed as he embarked on a three-day Gulf tour, during which he is expected to seek enhanced investments and trade in energy from the region.
The Indian Prime Minister's visit, which will also take him to Qatar today, comes at a time when non-oil trade between Oman and India, both founding members of the Indian Ocean Rim Association for Regional Cooperation (IORARC), rose by 98 per cent to reach $1.8 billion (Dh6.6 billion) in 2007.
"The Gulf region is an area of vital importance for India's security and prosperity," said Singh, who is visiting this region for the first time after becoming Prime Minister four-and-half years ago.
Singh, who will meet Sultan Qaboos Bin Saeed of Oman today, said the visit to the country will give him an opportunity to renew with the leaders and people of Oman the very special affinity that has existed between India and Oman through the centuries.
The Indian leader will also hold talks with Sayyid Fahd.
In his pre-departure statement, issued in India, Singh pointed out that the current international economic and financial situation provides a unique opportunity for India to leverage the vast surplus funds in the Gulf for the country's development needs, and to accelerate trade and investment flows into each other's countries.
The GCC member states employ about 4.5 million Indians, who annually remit a little less than $9 billion (Dh33.1 billion) back to India.
"During my discussions in Oman and Qatar, I shall also discuss ways in which we can better assure safety and welfare of large number of Indians working there," said Singh, who will address the Indian community today at the Indian Embassy.
He will also meet Omani businessmen and Indian corporate heads, seeking investment in India from Oman.
During the visit to the energy-rich region, Singh is expected to seek additional natural gas for the Oman India Fertiliser Co, which is located in Oman's eastern region, as also liquefied natural gas (LNG) to meet urea and energy needs back home.
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