said David Rasquinha, MD, India Exim Bank." />
Thursday, Apr 18 2024 | Time 11:54 Hrs(IST)
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Business EconomyPosted at: Oct 7 2020 7:46PM


India Exim Bank explores opportunities to strengthen India-GCC relations

Kolkata, Oct 07 (UNI) " In the long run, India must identify new drivers for India-Gulf synergy, "
said David Rasquinha, MD, India Exim Bank.
India Exim Bank's webinar on ‘Enhancing India-GCC Relations: Prospects in Project Exports
& Beyond’ was conducted on October 6.
The webinar was attended by Mr Rasquinha along with ambassadors of the three gulf
countries - Oman, Kuwait and Bahrain.
During the webinar, David Rasquinha, MD, India Exim Bank, said in the long run, India must
identify new drivers for India-Gulf synergy.
" Avenues for co-operation driven by mutual interest could include the health care sector
(particularly important during pandemic), Research and Development in pharmaceutical sector, construction and development of petrochemical complexes, infrastructure, agriculture and food processing, education, skill development and many others. "
" Some policy catalysts to boost bilateral co-operation include expansion of trade based on
identified commodities that India has the potential to export which could help in narrowing our
high trade deficit with the Gulf, increased focus on project exports from India, diversification of
markets, increased co-operation in services sector and improving trade logistics among others. "
" Trade between GCC and India stood at US $120 billion during 2009-19. "
" GCC have historically been trade partners for India. India has been the second largest export destination for GCC and third largest importer accounting for total 10 per cent of GCC's total
exports and imports. "
" India's investment in GCC account for over 6 per cent of total cumulative outward investments
of the country- accounting for $23.5 billion during the last 24 years. Also, the GCC countries are
home to over 9 million Indian migrants accounting for massive inflow of remittances just under
$50 billion in 2018. "
" Exim bank also released the report of their study title “Enhancing India’s Bilateral Relations
with the GCC Countries: Trends in Trade, Migration and Remittances” which studies new drivers
for India-Gulf synergy and avenues of greater future cooperation between them (Attached in the
mail). "
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