India has invited the Gulf Cooperation Council (GCC) member countries to invest in the sustainable energy sectors in the country, which would be having 500 GWs of renewable energy by 2030.
India’s sustainable energy sector has immense opportunities, and the government has taken a series of measures, including increasing the FDI limits along with opening up of the sectors like defence, telecom and insurance, said Vipul, Joint Secretary, Gulf, MEA, addressing the representatives of the GCC countries at India pavilion Expo 2020 Dubai.
"We need to evolve our areas of cooperation, and the platforms required for this purpose like business technology corridors will be important. The theme of Expo 2020 itself helps us take our relations forward and look into sectors that come under – Sustainability, Mobility and Opportunity,” he said, adding that “Essentially, sustainability technology like renewable and hydrogen energy, electric vehicles, and health technology are the potential areas of cooperation and partnership.”
Vipul said it is expected that by 2025, India will attract FDI of up to $120-160 billion annually, and Gulf countries are best placed to exploit this opportunity given our relations, and our cultural connect. India already has a large market with highly talented workforce along with a focus on predictability in the business environment, he added.
“There will be a continuous strengthening of India-GCC relations and that would provide an enabling environment for businesses to succeed,” Vipul added.
Dr Aman Puri, Consul General of India in Dubai & Deputy Commissioner General for India at Expo 2020 Dubai said that the Govt of Dubai recently collaborated with the Govt. of J&K to invest in the state. This is a huge opportunity for all the GCC countries as well. “Expo 2020 is a great opportunity for all of us and we should collectively come forward to utilise this to drive economic growth, economic recovery and revival,” he added.
Inviting Indian companies to invest in the GCC nations Nasser Alaqil, VP Strategic Partnerships and Government Affairs, National Companies Promotion Programme, Saudi Arabia said that India and Saudi Arabia are on a growth path and the business relationships are continuously improving with the changing dynamic world. “We look forward to the strengthening of India-Saudi ties,” he added.
Bader Ali, Regional Director, Mena & Asia- Investment Origination, Bahrain EDB said that India and Bahrain relations have become stronger, and business always comes when there is a right opportunity.
Haura Al Wahaibi, Director of Investment Promotion, Ministry of Commerce, Industry and Investment Promotion, Oman said that the country is a gateway to the Gulf. “Recently we announced 50 different investment opportunities and we would like to receive interest from companies across India. We want Oman to be a place where business can come grow and thrive,” she said.
Eng Abdulbasit Al Ajji from Qatar said: “Qatar has developed sustainable and rapid economic growth through dynamic strategy and modifying several legislations. Infrastructure, energy, IT are sectors where we want to partner like India along with the human resources.”
Bashayer Al Usaimi, Head of Projects Evaluation and Incentives Granting Section, Kuwait Investment Promotion Authority (KDIPA) said that the country provides incentives like IT and custom duty exemption for investors and soon allocation of land will be part of future planning to attract investments. “Kuwait has a vision 2035 which includes potential sectors like renewable energy, healthcare, education, environmental services,” she added.
Vikramjit Singh Sahney, Chair, FICCI-India Arab Council, Member of FICCI’s National Executive Committee and Chairman, Sun International, India said that the region provides immense opportunity for investment partnerships in sectors like renewable energy, health sector, pharma, Information Technology, Start-ups.
“We see immense opportunities for building business technology corridors between India and GCC and likewise the rise of engagement of women through entrepreneurship between India and GCC giving altogether new direction of partnerships,” he added.
Abdullah Albasha AlNoaimi, Commercial Attaché to India, UAE said that there are endless opportunities for mutual collaboration in the realm of woman entrepreneurship between the GCC and India.
Ram Ramachandran, Senior VP & Head Middle East and Africa, Tech Mahindra; Pawan Kumar Vadlamani, General Manager, Berger Paints Emirates Ltd LLC Co; Abby Chan, VP, Business Development, Qatar Financial Centre; Kaleem Mohammed Al Yaqooby, CEO, Harweel Integrated, Oman; Faisal Al Shalwai, CFA, Head of Investment Opportunities Development, NCCP; Harjinder Kaur Talwar, MD & CEO, Comvision India Pvt Ltd & Member, National Board of MSME, Ministry of MSME; Former President, FICCI Ladies Organisation; Nada Bassam, CEO, Taiseer Platform-Omade, Oman and Dr Siddeek Ahmed, CMD, ERAM Group, Saudi Arabia & Co-Chair, FICCI India-Arab Council also shared their perspective on the India-GCC opportunities.