India invites GCC nations to invest in sustainable energy sectors
India invited member countries of the Gulf Cooperation Council (GCC) to invest in the country's sustainable energy sectors, which is one of the government's major focus areas.
Mr Vipul, Joint Secretary, Gulf, MEA, told GCC representatives at the India pavilion at EXPO2020 Dubai that India's sustainable energy sector has enormous opportunities, and that the government has taken a series of measures, including increasing FDI limits and opening up sectors such as defence, telecom, and insurance.
He went on to say that the Prime Minister of India had announced that India would have 500 GWs of renewable energy by 2030, and that GCC nations should seize this opportunity. "We need to evolve our areas of cooperation, and platforms like business technology corridors will be important for this." "Essentially, sustainability technology such as renewable and hydrogen energy, electric vehicles, and health technology are potential areas of cooperation and partnership," he said, adding that "the theme of EXPO 2020 itself helps us take our relations forward and look into sectors that come under – Sustainability, Mobility, and Opportunity."
Mr. Vipul stated that by 2025, India is expected to attract FDI worth up to USD 120-160 billion per year, and Gulf countries are best positioned to capitalise on this opportunity given our relations and cultural ties. He added that India already has a large market with a highly skilled workforce and a focus on predictability in the business environment.
"India-GCC relations will be continuously strengthened, providing an enabling environment for businesses to succeed," Mr. Vipul added.
According to Dr. Aman Puri, Consul General of India in Dubai and Deputy Commissioner General for India at Expo 2020 Dubai, the government of Dubai recently collaborated with the government of Jammu and Kashmir to invest in the state. This is a tremendous opportunity for all GCC countries. "Expo 2020 is a fantastic opportunity for all of us, and we must all work together to capitalise on it in order to drive economic growth, economic recovery, and revival," he added.
Inviting Indian companies to invest in the GCC countries, Mr. Nasser Alaqil, VP Strategic Partnerships and Government Affairs, National Companies Promotion Program, Kingdom of Saudi Arabia, stated that India and Saudi Arabia are on a growth path, and business relationships are constantly improving in a changing dynamic world. "We look forward to strengthening India-Saudi relations," he said.
According to Mr. Bader Ali, Regional Director, MENA & Asia - Investment Origination, Bahrain EDB, India and Bahrain relations have grown stronger, and business will always come when the right opportunity arises.
According to Ms. Haura Al Wahaibi, Director of Investment Promotion, Ministry of Commerce, Industry, and Investment Promotion, Oman is a gateway to the Gulf. "Recently, we announced 50 different investment opportunities, and we'd like to hear from companies all over India." "We want Oman to be a place where businesses can thrive and grow," she said.
"Qatar has developed sustainable and rapid economic growth through dynamic strategy and modifying several legislations," said Eng Abdulbasit Al Ajji of Qatar. Infrastructure, energy, and information technology are areas in which we would like to collaborate with countries such as India, in addition to human resources."
According to Ms. Bashayer Al Usaimi, Head of Projects Evaluation and Incentives Granting Section, Kuwait Investment Promotion Authority (KDIPA), the country provides incentives such as IT and custom duty exemption for investors, and land allocation will soon be part of future planning to attract investments. "Kuwait has a 2035 vision that includes potential sectors such as renewable energy, healthcare, education, and environmental services," she added.
Mr. Vikramjit Singh Sahney, Chair of the FICCI-India Arab Council, Member of the FICCI National Executive Committee, and Chairman of Sun International, India, stated that the region offers tremendous opportunities for investment partnerships in sectors such as renewable energy, health care, pharmaceuticals, information technology, and start-ups. "We see enormous opportunities for building business technology corridors between India and the GCC, as well as the rise of women's engagement through entrepreneurship between India and the GCC, providing an entirely new direction for partnerships," he added.
According to Mr. Abdullah Albasha AlNoaimi, UAE Commercial Attache to India, there are numerous opportunities for mutual collaboration in the field of female entrepreneurship between the GCC and India.
Mr. Ram Ramachandran, Senior VP & Head Middle East and Africa, Tech Mahindra; Mr. Pawan Kumar Vadlamani, General Manager, Berger Paints Emirates Ltd LLC Co; Abby Chan, VP, Business Development, Qatar Financial Centre; Kaleem Mohammed Al Yaqooby, CEO, Harweel Integrated, Oman; Faisal Al Shalwai, CFA, Head of Investment Opportunities Development, NCCP; Ms. Harjinder Kaur Talwar, MD & CEO, Comvision India Pvt. Ltd. & Member, National Board of MSME, Ministry of MSME; Former President, FICCI Ladies Organisation; Nada Bassam, CEO, Taiseer Platform-Omade, Oman and Dr. Siddeek Ahmed, CMD, ERAM Group, Saudi Arabia & Co-Chair, FICCI India-Arab Council also shared their perspective on the India-GCC opportunities.