India seeks investments from Arab region in infra sector

Commerce Minister Nirmala Sitharaman says projects like DMIC and Amritsar-Delhi-Kolkata Industrial Corridor offer great scope for foreign investors

India today sought investments from both public and private sector companies in the Arab region in areas such as infrastructure and railways to further boost economic ties between the regions.

Addressing the 4th India-Arab Partnership Conference, Commerce and Industry Minister Nirmala Sitharaman said huge opportunities exist for businesses in the Arab region to invest in India.

"We invite both your public and private sector companies to invest in India," she said.

The Minister said that companies can form joint ventures with domestic firms.

She said mega infrastructure projects including Delhi-Mumbai Industrial Corridor (DMIC) and Amritsar-Delhi- Kolkata Industrial Corridor (AKDIC) offered great potential for foreign investors.

"Under the 'Make in India' programme, we have identified 25 sectors including automobile, textiles, biotechnology, pharmaceuticals and ports. It aims at inviting companies to set up manufacturing units," she said adding India also provides opportunities for technology transfers to the Arab region.

Sitharaman said the country's policies are transparent, stable and also able to provide a level playing field to both domestic and foreign investors.

She also recalled the successful joint venture projects in the region.

"With India being the largest importer of Jordanian phosphatic products, a joint venture project JIFCO between Indian Farmers and Fertiliser Cooperation Ltd (Iffco)...With investment of $850 million is ready for formal inauguration,' she said.

Similarly Oman India Fertiliser company project is an important landmark for ensuring sustained supplies of urea to India.

"This a JV project promoted by IFFCO and Krishak Bharti Cooperative Ltd (Kribhco) from the Indian side and the Oman Oil Company from Omanese side with an investment to the tune of $360 million," she added.

The two-way trade between India and Arab region stood at $185.6 billion in 2013-14, which is 23.4 per cent of the global trade of India.

Speaking at the occasion, Saudi Arabia Commerce and Industry Minister Tawfiq Fawzan Al Rabiah said that India is one of the largest trading partners of his country.

"India is a significant country for us for economic relations," he said.