India-GCC trade reaches $162 billion, strengthening energy and defence
ECONOMY & POLICY

India-GCC trade reaches $162 billion, strengthening energy and defence

Aseem R Mahajan, Joint Secretary for the Gulf at the Ministry of External Affairs, stated that the Gulf Cooperation Council (GCC) now contributes 15% to India’s total trade, with bilateral trade between India and the region reaching $162 billion last year. Speaking at the 'India MENA Business Dialogue: Bridging Economics, Fostering Growth' organised by FICCI, Mahajan emphasised the growing multi-faceted partnership between India and the Gulf, which spans sectors such as energy, defence, security, and health.

Mahajan noted that while overall trade figures may fluctuate, India's exports to the GCC have consistently grown. He mentioned that India exports a variety of products, including food processing goods, jewellery, synthetic fibres and yarns, textiles, pharmaceuticals, and engineering goods, and chemical products, and highlighted these areas as having significant potential. He also pointed out that the India-UAE Comprehensive Economic Partnership Agreement (CEPA), signed in 2022, has significantly boosted trade relations with the UAE.

Mahajan highlighted key initiatives in financial connectivity, such as the on-going integration of India’s UPI system with the UAE’s JAYWAN card and RuPay. He also mentioned the operational local currency settlement system in Dirham and UPI as a model that other countries are considering. Emerging opportunities in education and connectivity, particularly through the India-Middle East-Europe Economic Corridor, were also noted as areas with significant potential.

Investment opportunities from Sovereign Wealth Funds in Saudi Arabia, the UAE, Qatar, and Kuwait are being closely monitored. Mahajan indicated strong interest in sectors like infrastructure, hydrocarbons, renewable energy, and technology, mentioning that diverse areas such as food processing, technology, health, hospitality, and tourism present potential for fruitful joint ventures and partnerships.

Aseem R Mahajan, Joint Secretary for the Gulf at the Ministry of External Affairs, stated that the Gulf Cooperation Council (GCC) now contributes 15% to India’s total trade, with bilateral trade between India and the region reaching $162 billion last year. Speaking at the 'India MENA Business Dialogue: Bridging Economics, Fostering Growth' organised by FICCI, Mahajan emphasised the growing multi-faceted partnership between India and the Gulf, which spans sectors such as energy, defence, security, and health.Mahajan noted that while overall trade figures may fluctuate, India's exports to the GCC have consistently grown. He mentioned that India exports a variety of products, including food processing goods, jewellery, synthetic fibres and yarns, textiles, pharmaceuticals, and engineering goods, and chemical products, and highlighted these areas as having significant potential. He also pointed out that the India-UAE Comprehensive Economic Partnership Agreement (CEPA), signed in 2022, has significantly boosted trade relations with the UAE.Mahajan highlighted key initiatives in financial connectivity, such as the on-going integration of India’s UPI system with the UAE’s JAYWAN card and RuPay. He also mentioned the operational local currency settlement system in Dirham and UPI as a model that other countries are considering. Emerging opportunities in education and connectivity, particularly through the India-Middle East-Europe Economic Corridor, were also noted as areas with significant potential.Investment opportunities from Sovereign Wealth Funds in Saudi Arabia, the UAE, Qatar, and Kuwait are being closely monitored. Mahajan indicated strong interest in sectors like infrastructure, hydrocarbons, renewable energy, and technology, mentioning that diverse areas such as food processing, technology, health, hospitality, and tourism present potential for fruitful joint ventures and partnerships.

Next Story
Real Estate

Bennet & Bernard Unveil Dutch-Inspired ‘Casa El Toledo’ in Goa

Bennet & Bernard Group, Goa’s leading luxury real estate developer, has launched its newest project, Casa El Toledo, in Assagao. The enclave features 18 ultra-luxury 4 BHK Dutch-style villas blending European charm with tropical elegance. Each villa includes a private pool, double-height ceilings, open courtyards, alfresco dining areas, and English-inspired landscaping. The interiors are curated by noted Dutch designer Kelly Marie.   Reflecting the grandeur of the Dutch Golden Age, Casa El Toledo harmonises heritage aesthetics with modern sensibilities. Expansive interiors flow..

Next Story
Equipment

Godrej Delivers Heaviest Ecolaire Surface Condenser to US Project

Godrej Enterprises Group’s Process Equipment business has manufactured and delivered its heaviest Ecolaire® Surface Condenser to date, weighing nearly 450 metric tonnes, for a power-generation project in the United States. The project, powered by natural gas and partly designed for hydrogen compatibility, marks another step in advancing clean energy systems. Produced at the company’s GreenCo-certified Dahej facility in Gujarat, the equipment demonstrates India’s growing engineering capabilities and reinforces Godrej’s ‘Make in India for the World’ vision.  Hussain S..

Next Story
Infrastructure Energy

India, Brazil Discuss Energy Ties And Oil Investments

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri held discussions with Celso Luis Nunes Amorim, Special Advisor to the President of Brazil, and senior Brazilian officials to strengthen bilateral cooperation in the oil, gas, and energy transition sectors. The talks took place during a dinner hosted by Kenneth H da Nobrega, Ambassador of Brazil to India, at his residence in New Delhi.Mr Puri said the meeting focused on Indian investments in Brazil’s oil and gas sector, as well as expanding collaboration in energy transition and biofuels. “The enriching conversation revolved ar..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?