India to strengthen trade ties with Gulf

Thursday, 08 January 2004, 20:30 IST
Printer Print Email Email
HYDERABAD: As part of its efforts to strengthen ties with the Arab world, India is aiming at one major joint venture project in every Arab country, a senior government official said Wednesday. Addressing a special session on "India and the Arab World" at the 10th Partnership Summit organized of the CII here, R.M. Abhyankar, secretary in the ministry of external affairs, said that India has made some significant progress in this direction. He pointed to projects in Oman, Qatar and Libya as evidence of this. India is the second largest trading partner of the Gulf Cooperation Council region after the US. Trade between India and GCC has increased from $5.6 billion in 2000-01 to $6.8 billion in 2002-03. He said there was immense potential for economic cooperation between India and Gulf Cooperation Council countries and that political stability in the Gulf is a primary objective of India's foreign policy. He said the Arab countries were also looking for investment opportunities in India in the aftermath of 9/11.
Source: IANS
siliconindia