New Delhi : Commerce Minister Nirmala Sitharaman will inaugurate the 4th India-Arab conference here Wednesday to advance ties with a region so crucial for the country’s energy security besides accounting for some $200 billion worth of bilateral merchandise trade.
The two-day event is being organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), in association with the Ministry of External Affairs and the 22-member League of Arab States, that is home to some 7.22 million Indians.
“The objective of the conference is to to promote bi-directional flow of investment and to facilitate the process of seeking investable projects across sectors, open to joint business ventures,” FICCI said in a statement.
“It also seeks to provide an ideal platform to promote the export of Indian expertise, extend technical know-how to member states of the League of Arab States and act as an example for setting up identical business models and improve their human resources.”
The organisers also sought to underline the fact that the member nations of the League of Arab States are a major destination for India’s exports, thanks to a collective GDP of nearly $3 trillion. Their investments to India top $3.5 billion since April 2000.
The two-day conference comes against the backdrop of the first senior officials meeting between India and the 22-member league here earlier this month where emphasis was laid on expanding business ties, especially in energy and information technology.
Some of the specific areas for discussions at the conclave include pharmaceuticals, food and energy security, notably from renewable sources, healthcare, tourism, banking, human resource development, education, research and technology development.
In the previous conclave in Abu Dhabi in May 2012, more than 400 businesses from 15 nations participated, including 50 Indian corporate chiefs.
“Projects worth $30 billion in infrastructure development, real estate, small and medium enterprises, healthcare, higher education and food processing, both from India and the League of Arab States, were tabled during the conclave,” FICCI said.