Mumbai:Highlighting the strong returns registered by Indian share markets, India’s Commerce Minister Kamal Nath Wednesday asked member countries of the Gulf Cooperation Council (GCC) to invest in stocks of Indian companies.
“Foreign institutional investors (FIIs) from GCC countries could invest in our equity stocks that are doing exceptionally well,” Kamal Nath said on the concluding day of the third India-GCC Industrial Forum here since Tuesday.
“In the last year 18 stocks touched the $1 billion mark taking the total number stocks of over $1 billion to 149,” Kamal Nath told top ministers and officials from Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).
“I request you register as FIIs. The returns in our stocks are very high.”
In addition to investing in stocks, the Indian minister said that the service sector was another important area of India-GCC cooperation, especially in telecom, IT, biotechnology, tourism and pharmaceutical.
“Services are one of the most important areas for India-GCC cooperation in trade and investment. Transfer of technology will also go a long way in realising the potential of India-GCC trade,” he added.
The minister said GCC nations can also look at actively supplying capital goods, raw material, intermediate products and finished goods to India.