Gulf nations ask India to open financial sector
Six gulf countries have asked India to meet its energy requirement through their huge oil and gas reserves and carry out financial sector reforms to enable their institutions to chip in long term funds for infrastructure growth in the country.
By PTI |
NEW DELHI: Six gulf countries have asked India to meet its energy requirement through their huge oil and gas reserves and carry out financial sector reforms to enable their institutions to chip in long term funds for infrastructure growth in the country.
Making a presentation on behalf of the six-nation Gulf Cooperation Council (GCC), Qatar-based Doha Bank Deputy CEO R Seetharaman said at a seminar last night that India should also leverage its human capital in IT, pharma and other sectors to make further inroads in these nations.
That way, the India-GCC trade could be taken to its full potential from the meager 6 billion in 2005, he said.
The trade could reach $120-125 billion if the economic opportunities are fully reaped, Seetharaman said.
GCC comprises Oman, Bahrain, Kuwait, Saudi Arabia, Qatar and UAE.
Predicting that international oil prices would not significantly come down in another couple of years, he asked India to meet its energy security by importing oil and gas from GCC which had 45 per cent of world oil reserves and 24 per cent of gas reserves.
Even currently, around 78 per cent of GCC's total exports worth $368 billion comprises oil and oil products.
Pointing to India's massive requirement of around Rs 14,50,000 crore by 2012 for infrastructure development, Seetharaman said the country needs to further open its financial sector to tap long term overseas funds.
Making a presentation on behalf of the six-nation Gulf Cooperation Council (GCC), Qatar-based Doha Bank Deputy CEO R Seetharaman said at a seminar last night that India should also leverage its human capital in IT, pharma and other sectors to make further inroads in these nations.
That way, the India-GCC trade could be taken to its full potential from the meager 6 billion in 2005, he said.
The trade could reach $120-125 billion if the economic opportunities are fully reaped, Seetharaman said.
GCC comprises Oman, Bahrain, Kuwait, Saudi Arabia, Qatar and UAE.
Predicting that international oil prices would not significantly come down in another couple of years, he asked India to meet its energy security by importing oil and gas from GCC which had 45 per cent of world oil reserves and 24 per cent of gas reserves.
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Even currently, around 78 per cent of GCC's total exports worth $368 billion comprises oil and oil products.
Pointing to India's massive requirement of around Rs 14,50,000 crore by 2012 for infrastructure development, Seetharaman said the country needs to further open its financial sector to tap long term overseas funds.
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