India to raise Gulf trade to $120 bn this fiscal: Sharma

The government is hopeful of growing Indias bilateral trade with the Gulf countries to $120 billion in the current financial year,from $92 billion business done in FY09. India is also looking at Middle East and North African countries to deepen and diversify trade to meet the shortfall in external demand from the West.

Speaking here to the media at the India Business Sumit here,Union minister of trade and commerce Anand Sharma said the UAE is the gateway to the Gulf region that serves regions like Northern Africa and the CIS (commonwealth of independent states) countries. We are also looking at exploring more opportunities in financial,automobile and education sectors to do well in the region. We would like to see the expansion of our pharmaceutical and automobile industry through joint ventures for establishing their manufacturing bases to serve the region, said Sharma. Lauding the role of Indian pharmaceutical industry on the global map,Sharma said India has emerged as the pharmacy of the poor.

UAE has already invested over $45 billion in India. A number of Indian companies such as Tata,Reliance,Wipro,L&T and Punj Lloyd have also set up shops in UAE. The two countries will also be exploring opportunities in the tourism and education sectors.