India, LAS bilateral trade to reach $120 billion by 2011


New Delhi : The bilateral trade between India and League of Arab States (LAS) to reach USD 120 billion by 2011, said Confederation of Indian Industry (CII) in a report released in New Delhi on Wednesday.

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“India and the 22 League of Arab Nations will soon become major trading partners, exhibiting significant improvement in bilateral trade and is expected to reach US $ 120 billion by 2010–11 and $ 240 Billion by 2014. In 2004-5 bilateral trade stood at just 20 Billion USD,”, said the report in a publication “India & League of Arab State- Exploring New Horizons” officially launched here on Friday by CII in cooperation with the Embassy of Arab League of Nations.

The publication explores new horizons of collaboration to harness investment and trade between India and the countries in the Arab region.

This publication will provide an overview of the economic scenario, policies, main sectors of industry, market size, trade policies and export-import scenario of India and all the 21 countries in the region.

It also provides details of major players, key MNCs operating in the main sectors of Industry, opportunities for business in these countries, importance agencies, websites for reference and FDI in the region.

Subakanth Behera, Jt Secretary, Ministry of External Affairs said that this initiative of highlighting the Indo-LAS (League of Arab States) relations has been undertaken with the objective to explore new horizons of collaboration and also to harness investment and trade between India and the LAS region.

This publication intends to serve as a handbook to the business community to facilitate them in taking decisions based on well-supported facts and guidance.

The common sectors of interest between both regions include oil and gas, chemicals, infrastructure, real estate and food processing, among others.

Moreover, investments from the LAS region into India have been on a continuous upswing, especially in sectors such as infrastructure, real estate, telecom and food processing, added Ahmed Salem Al-Wahishi, Chief Representative, League of Arab States Mission in India;

Meanwhile, Youssouf Omar Doualeh, Dean, Arab Diplomatic Corps and Ambassador of Dijibouti to India said that publication will further help businesses further trade and explore new areas of business interest.

Sami Mohammad Al-Sulaiman, Ambassador of Kuwait to India and Chair – PGCC Countries added that security, defence and education are new areas of interest which will forge the relationship ahead.

“The business guide will serve as a reference material for Indian Industry and for the business community of these countries to better understand the market trends and business opportunities and provides an in-depth analysis of the trade and economic dynamics of India and the members of the League of Arab States” said Atul Punj, Chairman, CII Persian Gulf.