Sanjay Bhattacharyya, Secretary (CPV, OIA & Arab), Ministry of External Affairs, Govt of India today said that India and the Arab region have a very strong economic bilateral relationship. To leverage this further, Indian companies should focus on expanding the markets in the Arab region by increase in investments, using emerging technologies and involving the youth in the process of economic development, he added.
Addressing a FICCI members on 'India's Economic Engagement with the Arab Region', Bhattacharyya said that the role of Sovereign Wealth Funds in facilitating this will be very critical. He also emphasized that technology and innovation will be key areas to drive all enterprises and economies, hence it is imperative to include start-ups in the economic growth as well. The services sector, the Fourth Industrial revolution are some of the areas where India and the Arab world can collaborate to harness the potential of their human capital.
There is a need to set up collaborative exercises between the Centres of Excellence to become partners in this revolution. Highlighting other areas for further collaboration, Bhattacharyya said the importance of high technology, including the defence and the space sector is very important. Healthcare, education, tourism, are some of the areas that have high potential between India and the Arab region, he added.
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