Exim Bank study reveals India's trade potential in GCC countries

Mumbai, July 24 (UNI) The Gulf Cooperation Council (GCC) countries namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates, represent important trade and investment partners for India, according to an Exim Bank's latest study.

The study titled 'GCC Countries: A Study of India's Trade and Investment Potential', was issued through a release by the bank here today.

The study highlights the recent robust economic growth and higher investments in the GCC region, which present opportunities to further enhance bilateral commercial relations. The importance of GCC, which was established in 1981, countries as trading partners for India can be assessed from the three-fold rise in the country's total trade with these countries in the last five years from US 5.55 billion dollars in 2000-01 to USD 16.35 billion in 2004-05.

Some of the potential items of exports, which have been identified by the study, include food products, pharmaceuticals, machinery and transport equipment.

Similarly, a number of potential sectors for investment by Indian enterpreneurs have been identified by the study like IT, software development, telecommunications and education, the study averred.

The GCC countries are major destinations for India's overseas investment and her project exports. In the GCC countries, Exim India has extended credit lines of USD 30 million to two companies in Sharjah, UAE, for import of commodities from India and USD 3.5 million to a company based in Dubai, UAE for import of wire ropes and strands from India.

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