The GCC countries perceive India not only as an economic power but also as a potential 'conciliatory' source capable of playing a positive role in supporting peace and stability in the region, a senior official has said.
"The trade relationships between India and the Arabian Gulf date back to the third century BC and the recent discovery of oil in GCC countries fostered trade between the two parties," said Dr Ali Hamed Al-Mulla, Assistant Secretary General for Industrial Projects Sector at Gulf Organisation for Industrial Consulting.
"In addition to that, demand of Indian goods, services and labour force has increased, and with the currently changing global economic system, GCC countries perceive India not only as an economic power, but also as a potential conciliatory power capable of playing a positive role in supporting peace and stability in the Gulf," said Al-Mulla at a forum of Gulf Cooperation Council business owners.
He explained that the UAE and Saudi Arabia are the leading commercial partners of India, and despite India's strong dependence on petroleum imports, New Delhi is capable of cutting discrepancies by boosting its exports to the region in the form of engineering goods, textiles, advisory services and information technology.
Al-Mulla said: "India is interested in strengthening cooperation with the State of Qatar in the areas of cybersecurity and information technology."
He said that although Indian exports to Qatar were limited during this period, Qatari exports to India witnessed a huge surge with the increasing Indian demand of LNG, while Qatari investments in India focused on infrastructure.
"In fact, Qatar's sovereign wealth fund is expected to invest at least USD 10 billion in India on an annual basis, more than half of which are dedicated to infrastructure investments," he said.
In March 2013, Saudi Arabia took a measure aiming at stimulating mutual investments. It accredited Indian companies to become the biggest investors in Saudi Arabia with USD 625 million worth of investments, hence increasing investments by approximately 400 million, he added.
