19 April 2008
New Delhi, The “long overdue” Arab investment in India is going to be welcomed both by the government and business in India, external affairs ministers Pranab Mukherjee said here on Friday.
In his inaugral address at the first India-Arab Investment Projects Conclave co-hosted by Ficci, the minister said, “An expansion of investment footprint of Arab countries in India is long overdue and would be most warmly welcomed by government and business alike.”
Ahead of his two-day visit to the Kingdom of Saudi Arabia from April 19, Mukherjee told the delegates that India particularly needed capital from the cash-rich region to invest in its infrastructure, ranging from transportation to energy.
Almost 100 companies from 13 Arab nations represented by their CEOs are participating in the conclave, organised by a new initiative of the industry lobby called the Indo-Arab Economic Forum. While stating that an estimated $500 billion was needed by the country towards infrastructure over the next few years, he said the nation's growth depended largely on “how we handle investments in infrastructure and remove bottlenecks”.
For that, promised “speedy and faster decisions” from his government in clearing all investments projects ranging from railways, seaports, airports, shipping and transport corridors to telecom and energy.
“The most important opening for the future is the chance for 'investible' capital on one side to combine virtuously with the capacity and experience on the other side,” he said.
Earlier, the minister highlighted the three macro-economic challenges facing the country that needed urgent attention—farm productivity, energy security and teaching skills to the rising Indian young population.
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