New Delhi (NVI): India and the Arab region are engaged in improvements and transformational changes in the economy, Sanjay Bhattacharyya, Secretary MEA, today said.
While addressing the inaugural edition of Namaskar Arabia organized by FICCI, Bhattacharyya, Secretary (Arab, OIA & CPV), Ministry of External Affairs, said, “The goodwill between the people provides great potential to take the economic engagement to a higher level.”
“Indians are the largest expat community in the Arab world with nine million workers, and a major element of the bilateral relationship has been the security provided by the exchange of human capital,” Secretary MEA said.
“We are currently engaged in an era of transformation on both sides that helps us engage more deeply with each other,” he said.
He added, “From a buyer-seller relationship we have developed a long-term strategic relationship, not only in oil and gas, but also in upstream and downstream investments.”
The key elements of our economic engagement are distinguished by energy, security, food security, human resource exchanges, growing trade and investment relations, Bhattacharyya said.
In addition to this, he noted, “We have moved from a hydrocarbon era to renewables and the International Solar Alliance can be a great opportunity for renewables to respond to the challenges of climate change.”
Speaking on economic exchanges, Bhattacharya said that the complexion of flows of investment and technology and good and services has changed dramatically, and it is time for us to seize the opportunity and take it to the next level.
He further mentioned that the potential for FDI has not been fully explored and urged the business counsels to consider it closely as the way ahead will be through further extension of such potential.
“High technology cooperation, especially in technology and Fintech, has the potential to be stepped up. Although the India- Arab trade is huge, it is an aspect that has been underutilized,” he added.
During the inaugural session, he also spoke about food security and said that both the countries have been engaged in this sector and today with the new agriculture reforms in India there is a huge opportunity for the Arab world to set up bases in India, which will be a win-win situation for both countries.
The senior diplomat pointed out the importance to focus on the tourism sector along with medical tourism as it will promote cultural connections and the human touch will enhance the relationship between both countries.
Hamdi Tabba, Chairman, Federation of Arab Businessmen said that the Arab region has a strong relationship with India and there is a huge potential for investment in India and Arab countries.
“We should see the potential investment areas for both the countries and focus on increasing investment between them,” he said.
The Arab region is crucial for India’s economic development and many Indian companies are investing in Arab countries, Vikramjit Singh Sahney, Chair-FICCI India-Arab Council said.
He further said that apart from trade there are other significant scopes of investment in India for long term positive gains for the Arab countries. “We look forward to participating in Dubai Expo 2021,” he said.
-CHK
