2007年5月30日 星期三

India-GCC Cooperation

India is in the process of negotiating a Free Trade Agreement (FTA) with the Gulf countries and the talks in this regard are likely to be concluded very soon. This was indicated by Shri Kamal Nath, Minister of Commerce and Industry, in his keynote address at the Inaugural Session of the 3rd meeting of the India-GCC Industrial Forum, in Mumbai today. Stating that India is privileged to host this year’s Forum, the Minister expressed the hope that the deliberations would further enhance the expanding economic relations between India and the Gulf Cooperation Council (GCC) countries. “In the last five years, India’s total trade with the GCC countries has risen more than four-fold – from US$ 5.55 billion in 2000-01 to US$ 23.42 billion in 2005-06. The period witnessed buoyancy(n.彈性;輕快) in both exports and imports. Signing of the Framework Agreement on Economic Cooperation between India and GCC countries in 2004, was another milestone in the Indo-GCC economic relations”, he added.

Dr Al Yamani, Minister of Commerce and Industry, Saudi Arabia and Mr Maqbool bin Ali bin Sultan, Minister of Commerce and Industry, Oman, were present on the occasion along with members of the GCC delegations, including the GCC Chambers and leading representatives of Indian Industry headed by the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (FICCI).

Underlining the importance of the Gulf countries to India, Shri Kamal Nath observed that the Gulf region was on par in terms of demand creation when compare to even the US. “It is already a target market for more than three-quarters of India’s main export products including fresh fruits and vegetables”, he said.

The Minister outlined a whole of range of opportunities in India for investors from the Gulf, specially the huge opportunities in infrastructure. “There are obvious synergies(n.增效作用) between India and the Gulf. The GCC countries continue to be a major supplier of oil to India, meeting almost two-thirds of our oil requirements. India is looking at providing refining services to the Gulf. I invite oil companies from the Gulf to set up their facilities in India as it will not only add a new dimension to our India-GCC trade but also help in enhancing capacities. At the same time, we should also look at partnering in areas that go beyond just oil. Infrastructure is one area where India offers immense opportunities for investment. We have estimated the requirement of infrastructure sector to be about US$ 320 billion in the next five years. India plans to add 100,000 MWs of power in the next ten years. There is potential for investment in LNG terminals as India is a gas deficient country. Air passenger traffic has grown in excess of 30 per cent in the last three years. I expect investors from this region to actively participate in the ongoing airport modernization programs across the country”, he said

Exciting opportunities also exist in India on farm and food processing sector, as value addition in this area is only 16%, despite the fact that India is among the world’s largest producer of milk, vegetables and fruits, he said adding that India’s investment requirement in this would be around 15 billion. Gems and jewellery, healthcare and biotechnology were the other areas flagged by Mr Kamal Nath for Gulf investors. “I invite investors from the GCC countries to make the most of the opportunities that India provides by entering into joint ventures, collaborations and partnerships in different sectors. There is political will on both sides to take the India-GCC trade to the next higher level of engagement and now the onus(負擔) is on the trade and investment community to translate this will into a reality that augurs(v.預測) well for both sides”, he stressed.

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by CCY.

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