Industry summit seeks to boost ties with Arab world

Monday, 05 January 2004, 20:30 IST
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NEW DELHI: With Arab nations looking to enhance trade, investment and technical cooperation with India, industry leaders are keen on forging stronger bonds to cash in on this opportunity. The 10th annual Partnership Summit being organised by the Confederation of Indian Industry (CII) in Hyderabad from January 7 to 9 will have a special focus on countries in the Arab world, with around 25 representatives from the region attending the meet. In the last two years, there has been a perceptible shift in Indian industrial and business relations with Arab countries, though not enough to fully capitalise on the opportunities, feels A.C. Patankar, CII's principal adviser on the region. "It is pertinent to note that countries in the Arab world are today favourably inclined to look at India to source their requirements of industrial products, equipment, machinery, technology, a variety of value-added goods and services, joint ventures and collaborations. And even for investments," Patankar told IANS. "While these countries are looking to India for development of non-oil sectors in addition to seeking Indian capabilities in oil and IT sectors, our response is less than adequate," he noted. The Arab focus at the Partnership Summit comes ahead of a two-day Gulf Cooperation Council (GCC) Industrial Summit February 17-18 in Mumbai to forge closer trade and investment ties with the six countries of that grouping. "The physical proximity of India and the presence of a very large number of people of Indian origin in these countries provides a special perspective to the Indo-Gulf relationship. Besides, India is the largest trading partner of GCC countries," said Patankar. To highlight the excellent opportunities opening up in Arab countries, the special session on India and the Arab World at the Partnership Summit will look at the status of this relationship and its future. Representatives from countries like the United Arab Emirates, Kuwait, Oman, Saudi Arabia, Qatar, Jordan and Iran will join the session to exchange views with representatives of Indian industry and policymakers. "In addition to looking at traditional ties, the session will take into account recent Indian initiative to increase cooperation with Israel and consider whether it would adversely affect the existing relationship, particularly in economic and industrial areas, with the countries in the Gulf, Middle East and West Asia," said Patankar. Can India manage both relationships independently, is a question that would be taken up for discussion at the summit. The special session on India and the Arab World will be addressed by Suresh Kumar, executive director of Dubai-based Tri-Colour Investments Ltd., Tayeb A. Kamali, vice-chancellor of Higher Colleges of Technology, UAE, and Salem Ben Nasser Al Ismaily, executive president of the Omani Centre for Investment Promotion and Export Development. "The speakers will not only give perceptions about their own countries but the region as a whole," said Patankar.
Source: IANS
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