Indo-GCC bilateral trade sees Quantum jump

Mumbai, May 29 (UNI) Gulf Cooperation Council (GCC) countries and India, which are to sign a free trade agreement by next year, have seen a quantum jump in their bilateral trade.

In the last five years, India's total trade with GCC countries has risen three fold from USD 5.55 billion in 2000-01 to USD 23.42 billion in 2005-06.

The GCC countries account for one per cent of total Foreign Direct Investment (FDI) into India with investments of USD 503.32 million during the span of 16 years of liberalization in economy, according to official statistics.

UAE has emerged as the single largest investor into India among the GCC countries, accounting for nearly 79 per cent (USD 321.1 million) investments into India followed by Bahrian (USD 32.7 million), Oman (USD 24.51 million), Saudi Arabia (USD 19.18 Million), Kuwait (USD 8.87 million and Qatar (USD 0.09 million).

GCC countries exports to India have grown by more than 40 per cent in 2005 and their imports from India by 25 per cent in the same year.

UNI