India is looking at Gulf Cooperation Council (GCC) states, notably Qatar, to improve bilateral trade according to the Federation of Indian Chamber of Commerce and Industry (FICCI). Just six years ago the Indo-Qatar trade was worth only $1.1 Bn in 2005 and now it stands at $5.6 Bn. Corporate India knows that the small and medium enterprises (SME) segment is the country’s backbone of its economy as more than 60 percent of the Indian industry comprises of SMEs. Their share is expected to grow further in coming years as more and more entrepreneurs are keen on investing in SMEs. India hopes to achieve better results in trade with the GCC states in the next few years.
India’s skill and expertise in a range of businesses which are familiar and beneficial to GCC entrepreneurs would help the countries record solid economic growth in the next decade, according to the FICCI. While the UAE has benefited from most of India’s business activities in the Gulf until recently; at present all the GCC states have built up direct trade with our country.
Representatives of companies engaged in businesses like ship manufacturing, steel, drilling rigs, fire curtains, power generation, mining, water infrastructure and sewerage solutions, rice and other foodstuffs, spices, scaffolding systems, PVC pipes, electrical transformers, chemicals for petro-chemicals, construction equipment, herbals, plastic processing, container machinery, agro-industries, ship manufacturing, spices, fruits and vegetables, construction industry and polymer compounds are part of the FICCI delegation traveling to the Gulf shortly.
