Sovereign Wealth Funds critical for partnerships, says Bhattacharyya
More joint ventures, investments, manufacturing sectors and technology exchanges are needed between India and the Arab region, says External Affairs Secretary for CPV, OIA and Arab, Sanjay Bhattacharyya.
“This is a wonderful time for both India and the Arab world. We need more joint ventures, more investments in the infrastructure and the manufacturing sector,” he told FICCI members on ‘India’s Economic Engagement with the Arab Region’.
“The role of Sovereign Wealth Funds in facilitating this will be very critical,” he added on 21 Sept 2020.
Bhattacharyya underlined 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 increasing investments, using emerging technologies and involving the youth in the process of economic development, he stressed.
Bhattacharyya 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 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,” he said.
Highlighting other areas for further collaboration, Bhattacharyya said “the importance of high technology, including the defence and the space sector is very important. These are elements that are critical for development.”
He also said that leveraging innovation is critical for collaboration. Healthcare, education, tourism, are some of the areas that have high potential between India and the Arab region, he added.
Encouraging further relations in the Arab region, he urged the industry to explore the untapped markets.
“Our focus in the Arab world has been confined to certain areas due to high value and volumes. It is time for us to venture out and look at the rest of the Arab world. The potential there is much bigger than we can ever imagine.”
The economic diversification drive in the Arab economies has created an accelerating pace of engagement with India, according to Vikramjit Singh Sahney, Chair, FICCI India-Arab Council & Chairman, Sun Group International.
The Arab world is part of India’s extended neighbourhood, he added, pointing out that the Middle East provides immense opportunities for investment collaborations in sectors like renewable energy, infrastructure, healthcare, pharma development, Information technology and start-ups.
The UAE and Saudi Arabia are India’s third and fourth largest trading partners and the total bilateral trade of the GCC (Gulf Cooperation Council) countries with India for the year 2019-20 was around US$120 billion.
The FDI inflows from these two countries have also been on the rise, observed Dr Siddeek Ahmed, Co-Chair, FICCI India-Arab Council and Chairman, Eram Group. #Aran #investments #jointventures #projects #collaborations #technologies #FDI /fiinews.com
