Investment between India and Arab countries not impressiveApril 18th, 2008 - 4:55 pm ICT by admin
New Delhi, April 18 (IANS) The flow of investment between India and Arab countries has not been impressive and calls for corrective measures, said delegates participating at the India-Arab Investment Projects Conclave here Friday. Calling for adopting corrective measures and improving bilateral ties between India and the Arab countries, the secretary general of the Union of Arab Banks (UAB) Faud Shaker told delegates at the conclave that business opportunities between India and the Arab world were immense.
At present, none of the countries from the Arab world figure amongst the top 10 investing countries in India.
“India is the best investment destination for the oil producing Arab countries that have generated huge financial surplus and resources,” Shaker pointed out.
“The total export-import activity between India and the Arab countries was $24 billion in 2007. We expect that it would rise to $55 billion by the end of 2010.”
According to him, there is lot of activity to be seen in the near future for cooperation in Indo-Arab banking.
About 98 percent of the traditional and Islamic banks - numbering over 470 banks with over 15,000 branches are affiliated to UAB. Many of these banks have their branches in 75 countries around the world, including India.
At the conclave, the Indian entrepreneurs expressed apprehensions about the inordinate delay in executing projects in Arab countries.
“As an Indian investor, we are looking for more opportunities in the Arab nations. The tax exemptions and other incentives attract us there,” said Rakesh Kapur, the financial director of the Indian Farmers Fertiliser Cooperative Limited (IFFCO).
“But there is inordinate delay in getting clearances for projects besides the language. Every document is in Arabic. Even if we get it translated, we are not sure of its authenticity,” he pointed out.
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