Saudi official urges Indian companies to invest in the GCC markets
India, expected to attract FDI of US$120-US$160 billion annually by 2025, has invited the Gulf Cooperation Council (GCC) member countries to invest in the country’s sustainable energy sectors, one of the major focus areas of the government that has set a target to have 500GW of renewables by 2030.
Addressing the representatives of the GCC countries at India pavilion EXPO2020 Dubai, Vipul IFS, Joint Secretary, Gulf, MEA, highlighted that India’s sustainable energy sector has immense opportunities, and the Government of India has taken a series of measures, including increasing the FDI limits along with opening up of the sectors like defence, telecom and insurance.
Vipul said India is expected to attract FDI of US$120-US$160 billion annually by 2025.
“We need to evolve our areas of cooperation, and the platforms required for this purpose like business technology corridors will be important,” he said at the Dubai Expo 2020 on 9 Nov 2021.
“The theme of EXPO 2020 itself helps us take our relations forward and look into sectors that come under Sustainability, Mobility and Opportunity. Essentially, sustainability technology like renewable and hydrogen energy, electric vehicles, and health technology are the potential areas of cooperation and partnership.”
“The Gulf countries are best placed to exploit this opportunity given our relations, and our cultural connect. India already has a large market with highly talented workforce along with a focus on predictability in the business environment.
“There will be a continuous strengthening of India-GCC relations and that would provide an enabling environment for businesses to succeed,” he said.
Nasser Alaqil, VP Strategic Partnerships and Government Affairs, National Companies Promotion Program, Saudi Arabia, also invited Indian companies to invest in the GCC markets.
India and Saudi Arabia are on a growth path and the business relationships are continuously improving with the changing dynamic world. “We look forward to the strengthening of India-Saudi ties,” said Nasser Alaqil.
Bader Ali, Regional Director, MENA & Asia – Investment Origination, Bahrain EDB, pointed out that India and Bahrain relations have become stronger, and business always comes when there is a right opportunity.
Haura Al Wahaibi, Director of Investment Promotion, Ministry of Commerce, Industry and Investment Promotion, Oman, added that the country is a gateway to the Gulf markets.
“Recently we announced 50 different investment opportunities and we would like to receive interest from companies across India. We want Oman to be a place where business can come grow and thrive,” she said.
Abdulbasit Al Ajji from Qatar said, “Qatar has developed sustainable and rapid economic growth through dynamic strategy and modifying several legislations. Infrastructure, energy, IT are sectors where we want to partner like India along with the human resources.”
Bashayer Al Usaimi, Head of Projects Evaluation and Incentives Granting Section, Kuwait Investment Promotion Authority (KDIPA), elaborated on how the country provides incentives like IT and custom duty exemption for investors.
Kuwait would soon allocate land to be part of future planning to attract investments, she informed.
“Kuwait has a vision 2035 which includes potential sectors like renewable energy, healthcare, education, environmental services,” she added.
The region provides immense opportunity for investment partnerships in sectors like renewable energy, health sector, pharma, Information Technology and Start-ups, noted Vikramjit Singh Sahney, Chair, FICCI-India Arab Council, Member of FICCI’s National Executive Committee and Chairman, Sun International, India.
“We see immense opportunities for building business technology corridors between India and GCC and likewise the rise of engagement of women through entrepreneurship between India and GCC giving altogether new direction of partnerships,” said Sahney. #investment #exports #manufacturing #technology /fiinews.com
