Second GCC-India industrial conference in Muscat from Mar 25

Mumbai, Mar 9 (UNI) The Union Ministry of Commerce and Industry in cooperation with the Secretary General of the Gulf Cooperation Council (GCC) and Confederation of Indian Industry (CII) has hosted the second GCC-India Business Conference beginning March 25 at the Al Bustan Palace Hotel, Muscat.

Briefing reporters here today, Hilal bin Hamad Al Hasni, Director General of Industries, Oman said Union Minister for Commerce and Industry Kamal Nath with his counterparts from six-member states of the GCC would address the two-day conference, which will be attended by a large number of industry and business representatives both from GCC states and India.

Responding to a query, Arun C Patankar, Principal Advisor, CII, said apart from Mr Nath, a huge government delegation, besides over 200 industry and business representatives from the Indian private sector are expected to attend the conference, whose theme is: ''India-GCC: Future Prospects - Cooperation in Industry, Energy, Two-way investments and Trade.'' Elaborating on the conference, former CII Chairman J J Irani said the objectives of the conference were to enhance cooperation in the areas of investment, industry, tourism and commerce. It would also seek to promote trade between the GCC countries and India, besides facilitating transfer and development of IT and also technical expertise.

In response to a query, Mr Irani said the significance of India as an economic ally has been increasing for the GCC on account fo resurgent GCC economies, which need fresh pastures to invest and diversify.

''They look to India for appropriate contribution in the diversification of their economies. India would continue to be a major customer for the GCC Oil,'' he added.

The conference, with its focus on future interdependence between GCC countries and India, would involve both energy investment and financial arrangements to support the expanding areas of free trade for obtaining optimum benefits from the complimentarities of various countries to be encompassed within the free trade zones, said Mr Irani.

It would also provide an opportunity to the Indian companies to have a close look at the opportunities for industrial and economic cooperation with Oman to further strengthen the traditionally close relationship.

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