New Delhi, Nov 27 (KNN)  Minister of State for Commerce and Industry, Nirmala Sitharaman has made an impassioned plea to the Arab public and private sectors to cash in on the opportunities for doing business in India and invited them to come and invest in this country.
 
Inaugurating a two-day, 4th India-Arab Partnership Conference organised jointly by FICCI and the Ministry of External Affairs here yesterday, Sitharaman said, “The Indian growth story would be incomplete without the participation of friends like the Arab League” and noted with satisfaction that India and the Arab world are directing their economic relations towards long standing commitments. 
 
Today, our business communities are actively exploring multiple avenues to establish sustainable partnerships, she said.
 
On bilateral trade, “Our trade statistics indicate that our mutual economic dependency is growing as the bilateral trade between India and Arab countries has reached USD 185.6 billion in 2013-14 which is 24.3 per cent of the total trade of India with the world from USD 103.8 billion in 2009-10 which was 22 per cent with the world,” she said.
 
According to her, it has become evident that the unprecedented movement in relative wealth and economic power from West to East, now under way, is leading to a global multi-polar system in which India and Arab countries can play an important role.  These political and economic events are also leading to the unshackling of hitherto unexplored potentialities and capacities that existed in these markets.  These markets have the capacity to reinvigorate the slow-down-hit global economies and Government of India remains fully committed and keen to play a pivotal role in accelerating the process of mutually benefiting relations with the Arab world.
 
Sitharaman noted that there lies tremendous potential for technical transfer between India and the Arab nations.  Arab business entities could look at joint ventures with Indian companies.  For example, with India being the largest importer of Jordanian Phosphatic products, a Joint Venture project JIFCO between Indian Farmers and Fertilizers Cooperation Limited (IFFCO) and Jordan Phosphate Mines Company (JPMC) with investment of USD 850 million is ready for formal inauguration.  Similarly, Oman-India Fertilizer Company Project (OMIFCO) is an important landmark for ensuring sustained supplies of urea to India.  This is a joint venture project promoted by IFFCO and Krishak Bharati Cooperative Limited (KRIBHCO) from the India side and the Oman Oil Company (OOC) on the Omani side.
 
On the occasion, the Minister released the FICCI- Accenture Knowledge Paper that would help Arab investors arrive at informed decisions.  (KNN Bureau)