India seeks investments from Gulf Coorporation Council countries

NEW DELHI(PTI): India has sought investments from the member countries of the Gulf Cooperation Council (GCC) in sectors like infrastructure during a recently concluded meeting in Saudi Arabia, CII on Thursday said.

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A 42-member Confederation of Indian Industry (CII) delegation participated in the 4th GCC-India Industrial Forum.

The forum underscored the need for building strong business partnership between the two sides and exploring investment avenues in diverse fields, it said in a statement.

The six GCC countries are – Oman, the UAE, Bahrain, Kuwait, Qatar and Saudi Arabia.

“As an energy thirsty country, India looks to the oil-rich GCC states for more investments in vital areas, especially in petrochemical and pharmaceutical sectors,” CII said.

Quoting Saudi Arabia’s Minister of Commerce and Industry Tawfiq Al-Rabiah, it said the Gulf and Indian investors should take advantage of the healthy business environment in both the sides.

Inviting Gulf businessmen and investors, Joint Secretary in the Department of Industrial Policy and Promotion (DIPP) Ravneet Kaur said huge potential of investment opportunities exists in India.

“India needs $1 trillion worth investments within the coming five years, especially in the infrastructure sector. The government is keen to move forward quickly with further simplifying the procedures to the maximum,” she said.