Indo-Arab trade to grow to USD 150bn by 2012: Assocham

Last Updated: Wednesday, July 29, 2009 - 18:18

Chandigarh: Industry body Associated
Chambers of Commerce and Industry of India (ASSOCHAM) has
estimated that Indo-Arab trade and services are likely to grow
to USD 150 billion by 2012 and could reach to the extent of
USD 500 billion in the next 10 years.

A paper brought out by ASSOCHAM, named "Indo-Gulf:
Emerging Avenues for Exports and Investments," reveals that
India`s total trade with the Arab world during 2007-08 was USD
87 billion which touched USD 100 billion in the 2008-09, said
a release issued here.

The paper points out that the Gulf Cooperation Council
(GCC) could become India`s first global partner instead of the
US, provided the government and the business community pay
attention to the trade and exports particularly in the
knowledge based industries.

Over a dozen ambassadors from Gulf countries including
UAE, Kuwait, Saudi Arabia and Oman will assemble here to
explore possibilities of export potential from Punjab and
Haryana to Gulf nations in areas of hosiery, automobiles,
components, cycle and textiles.

Likewise, the Gulf ambassadors will also lobby for direct
exports from the Middle East to Punjab in areas of petroleum,
petrochemicals and heavy engineering, the release said.

The Arab countries account for 20 per cent of India`s
total trade and are the source of two-thirds of the country`s
energy requirements.

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First Published: Wednesday, July 29, 2009 - 18:18

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