The volume of GCC exports to India jumped from $12.377 billion in 2005 to $55.082bn in 2014, while imports from India increased from $9.57bn in 2005 to $27.94bn in 2014.
Ali Hamid Al Mulla, the assistant secretary-general of the Gulf Organization for Industrial Consulting (GOIC) for the Industrial Projects Sector says that this brings the trade volume between GCC states and India to $83bn.
Al Mulla explains that the UAE and Saudi Arabia are the top trading partners of India and, despite the heavy dependence of India on oil imports, New Delhi can reduce the difference by increasing its exports to the region from engineering goods, textiles, advisory services and information technology, adding that the GCC is an important destination for Indian investments for the time being.
He adds that India is interested in enhancing cooperation with the State of Qatar in the areas of cyber security and information technology, which is reflected in India’s trade with Qatar rising from $4.17bn in 2008-2009 to $16.30bn in 2012-2013.
“While Indian exports to Qatar remained limited during this period, Qatar’s exports to India have seen a huge jump as a result of the growing Indian demand for liquefied natural gas and Qatari investments in India are focused in the infrastructure sector,” he adds.
“Qatar’s sovereign wealth fund has decided to invest at least $10bn in India a year, more than half of which is allocated to the infrastructure sector,” Qatar-based Al-Sharq quotes Al Mulla.
($1= AED3.67, at the time of publishing)