Nath, Oman minister differ

Sultan added that India should give priority to an FTA with the GCC countries as the bloc forms India8217;s second most important trade partner after the US. The Oman minister wanted all formalities to be completed by the year-end and the FTA signed in 2008 when Oman would lead the GCC countries. Nath and Sultan were speaking at the inaugural session of the GCC-India investment summit, organised jointly by the ministry of external affairs minister, CII, FICCI and the Gulf Cooperation Council.

Earlier, Kamal Nath invited oil companies from GCC countries to set up facilities in India as it would not only add a new dimension to India-GCC trade but also help enhance capacities. Nath informed that India was also looking at providing refining services to the Gulf.

Moreover, Nath said that there was a potential for investment by companies from the GCC countries in LNG terminals as India was a gas deficit country. Besides, GCC companies can also explore investment options in India8217;s power sector as the country has planned a capacity addition of 1,00,000 mw in the next 10 years.