"As a result of high oil prices and prudent fiscal policies, the Gulf countries have generated extraordinary investible surpluses. More importantly, they are looking beyond their traditional partners in the West," Mukherjee said.
"In turn we see ourselves as partners in the developments of the UAE's services sector and the knowledge- based economy which we will continue to support through our technological, financial and human resources," he said.
Speaking on 'India's Foreign Policy and India-Gulf relations - Meeting and Challenges of the 21st century', Mukherjee said the Look East policy was important to GCC countries and that he was happy to see India as an important partner.
"I am happy to see all of them see India as an important partner in this regard. I personally believe that investments will constitute a new, abiding and mutually beneficial are in our ties for the foreseeable future," he said.
Noting that India has obtained bulk of its oil requirements from the Gulf, Mukherjee said he was confident that India and the Gulf will remain long-terms partners in the energy sector.
"However, the challenge before us is to transform the present buyer-seller relationship into something more substantial and enduring. I am referring to the need for cross investments in each other's energy sectors.
"Indian companies could participate in exploration and development projects in the Gulf, while Gulf companies could invest in India's downstream and petrochem sectors. Both of us also recognise the need for trained personnel in the hydrocarbon sector," Mukherjee said. Mukherjee also pitched for collaborations between the two countries in education, health, safety and environment sectors.
Trade in goods and services between India and Gulf is expanding rapidly and the export of foodstuff constitutes as an important part of India's export basket, he said.
"Today, we are a reliable supplier of food products to the Gulf countries and this will only expand in keeping with the expansion of Indian agriculture," he said.
Mukherjee said India's requirement for energy security and that of the GCC countries for food security as opportunities that can be leveraged to mutual advantage.
"In order to strengthen bilateral economic ties, we have now in place institutional arrangements with individual GCC countries and with the GCC as a whole to hold periodic interactions. These should now be made more focused and result oriented," the minister said.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
|
|
