Top Indian diplomats in the Gulf have urged companies to make long-term investment plans for the region post-coronavirus to take advantage of the “tremendous opportunities” that will be on offer. India’s ambassador to Oman Munu Mahawar said limestone and gypsum mining and the proposed rail links between mining sites and Duqm port could offer tremendous opportunities for investment by Indian companies.
“The Oman authorities are also planning a port near the mining areas, which could be another investment opportunity for Indian companies and investors,” Mahawar said. “Oman’s free trade arrangement with the US can be another major attraction for Indian exporters,” Mahawar added during the webinar organised by India’s Exim Bank.
Many of the GCC countries have already been working on long-term plans to lessen their dependence on oil by promoting alternate growth plans in the tech-based new age economy under their new vision 2030 plans. The post-pandemic situation has added urgency to these plans. Defence product exports was another major potential area cited by the panellists for increased cooperation between India and GCC countries.
As many as 500,000 Indians in the UAE alone have registered with India’s Consulate General’s office in Dubai for repatriation to India since April this year, according to the data released by the consulate. Remittances by NRIs (non-resident Indians) play a major role in fuelling demand for a range of economic activities such as buying housing properties to consumer goods in many Indian states. According to a World Bank report, India received a total of $83 billion NRI remittances in 2019, with the inflow from ex-pat Indians from the Gulf countries accounting for the bulk of it.
