Kochi: Gulf region has a special focus in
India's foreign policy as New Delhi has a vital stake in its
stability, security and economic well-being in view of
diversification of maritime linkages between the two, Minister
of State for External Affairs Shashi Tharoor Sunday said.
Inaugurating a seminar on 'maritime linkages between India
and the Gulf - Old Foundation, New Perspectives', here he said
it was satisfying to note that India-Gulf maritime linkages
had not only continued but strengthened in the recent past.
'The maritime linkages have transformed and diversified
into several linkages such as political, economic, strategic
and cultural, investment and the significant contribution of
the Indian diaspora - large plurality of which is the state
of Kerala- to well being of both India and the Gulf'.
'This has meant that the Gulf region is an area of special
focus in India's foreign policy and India has a vital stake in
the stability, security and economic well-being of the Gulf',
he said.
The bilateral trade between India and Gulf Cooperation
Council (GCC) countries had reached nearly USD 100 billion in
2009 making the GCC, as a block, the second largest trading
partner of India after the USA, he said.
Gulf countries, due to the prevailing buoyancy in oil
prices, have large investible surpluses, he said, adding some
estimates suggest that they are around USD 4-4.5 trillion,
amounting to more than half of the global soveriegn wealth
funds in the world.
Tharoor said 'We would like to see that these funds
increasingly come to India, which offers investors from the
Gulf security of their investments as well as high and
enduring returns'.
In addition, the estimated four to five million Indians
in the Gulf countries transfer about USD 30 billion in
remittances to India annually, he said.
On the emerging maritime security environment, he said it
had deep significance in terms of the need to protect the
Exclusive Economic Zone of two million square kilometres, to
ensure security from attacks through this sea and development
of close relations with Gulf nations.
India and the countries of the Gulf were having a shared
view of peace and prosperity in this region, he said, adding
many of the Gulf countries look upon New Delhi as "a friendly
and benign neighbour on which they can depend in times of
difficulty and need.
Traditional Naval powers continue to rely upon their
sea-control assets while emerging powers are developing
sea-denial capabilities, he said, adding 'all this is leading
to the emergence of a new international maritime order, one
that is characterised by a great deal of flux'.
'It is clear that our maritime policies will be one of the
major determinants of success or failure in our attempt to
transform India into a modern, plural, open, advanced country
that is both secure and prosperous, Tharoor said.
PTI
First Published: Sunday, March 21, 2010, 16:37