India seems to faucet Gulf traders in ‘dawn sectors’, says govt minister
Particular attention is paid to joint ventures in the areas of infrastructure and manufacturing, integration in supply chains and the development of sovereign wealth funds
The Government of India has identified “Sunrise Sectors” for Gulf investors, with a particular focus on joint ventures in infrastructure and manufacturing, supply chain integration and SWF development.
According to the country’s foreign minister, V Muraleedharan, who gave a keynote address on a panel discussion on “India and the Gulf: Harnessing Energy Partnerships, Investment Opportunities and New Technologies,” the food products and high-efficiency solar energy sectors include photovoltaic cells, electronics and technology products, and automotive components , Pharmaceuticals, telecommunications and network products, specialty steels, white goods and advanced chemical cell batteries.
Referring to an ongoing government initiative on Make in India – Make for World. Muraleedharan said, “In this endeavor, India will rely on attracting from the Gulf States in particular. The Indian government has already set up special desks to review investments from different countries” to facilitate doing business with India.
Minister of State for Foreign Affairs V Muraleedharan
A relatively new area of partnership with the Gulf is exploring untapped markets in Africa and Central Asia together. “The Gulf States, with their excess capital, open economies and connections to different regions of the world such as Africa, Central Asia and Europe, are well positioned to partner with India in this quest. This is a win-win for India and the Gulf.” Muraleedharan added.
He said India and the Gulf region could together provide a variety of sources, be it energy, food or medicine.
“The challenge is how we change and align ourselves to use our relationships for mutual benefit and for the benefit of our partner countries,” he said.