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This is an archive article published on October 12, 2006
Gulf: take oil, open financial sector
The six-nation Gulf Cooperation Council has asked India to push through financial sector reforms and in return offered its huge oil and gas reserves to meet the country8217;s energy needs.
Written by Enseconomicbureau
New Delhi | October 12, 2006 12:00 AM IST
2 min read
2 min read
The six-nation Gulf Cooperation Council GCC has asked India to push through financial sector reforms and in return offered its huge oil and gas reserves to meet the country8217;s energy needs. The six GCC countries 8212; UAE, Oman, Qatar, Bahrain, Saudi Arabia and Kuwait 8212; were keen to invest long-term funds in the infrastructure sector.
At a seminar in the capital late Monday evening, Qatar-based Doha Bank deputy CEO R Seetharaman, who represented the GCC, said India should leverage its human capital in IT, pharmaceuticals and other sectors to make further inroads in these nations.
According to him, non-oil trade between India and the GCC could see an exponential growth from the meagre 16 billion in 2005 to 120-125 billion over the next five years. Opening up the pension fund business would help India attract long-term funds for the infrastructure sector.
The six Gulf countries account for 45 per cent of the world8217;s oil reserves and 24 per cent of gas reserves. India, which imports around 70 per cent of its oil requirements, is also desperately looking for funds of up to a whopping 320 billion over the next five to seven years to help bankroll improvements in its physical infrastructure.
India and the GCC are also negotiating a comprehensive economic cooperation agreement that would cover trade, investment and services.
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