Exim signs MoU with GIC

Mumbai, Aug 14 (UNI) Government-owned Export-Import Bank of India (Exim), which had recently opened a representative office in Dubai International Financial Center (DIFC) with a view to enhance the bilateral trade with Middle East, signed a memorandum of understanding (MoU) with Gulf Investment Corporation (GIC) here today.

The MoU envisages an array of goals, including exchange of trade information, business and investment opportunities to facilitate increased cooperation between two regions, said a statement.

The MoU was signed between Exim bank executive director S R Rao and GIC Diversified projects division head Muhammed Al-Melhem.

Non-oil trade between India and Gulf Corporation Council (GCC) region has marked a three-fold rise in the last five years from USD 6.8 billion in 2002-03 to USD 22.5 billion in 2006-07, representing a CAGR of 35 per cent.

Foreign Direct Investments (FDI) into India from GCC region during August 1991 to April 2007 amounted to only about USD 542 million, while total FDIs stood at USD 56 billion.

UNI