Over the past several decades, India has shared astonishing relationships with the Gulf countries, remarkably those in the Gulf. The basic reason behind this is the significant trade activity between Gulf countries and India, and the gain from personal remittances, oil, and investments.
Today for India, the Gulf region is a critical strategic region with key geopolitical and economic consequences. Deep cultural exchanges, historical ties, and civilizational connections exist between India and the region. Both countries shared a colonial past and independent-struggle conflicts.
The trade relations between India and the Gulf countries are of importance to India’s economy. Gulf is at present India’s largest trading partner bloc with bilateral trade in FY 2021-22 valued at over USD 154 billion with exports valued at around USD 44 billion and imports of about USD 110 billion (non-oil exports of USD 33.8 Billion and non-oil imports of USD 37.2 billion). Bilateral trade in services between India and the Gulf was valued at around USD 14 billion in FY 2021-22, with exports valued at USD 5.5 billion and imports at USD 8.3 billion.
One of the major drivers of India-Gulf trade and investment is the energy sector. India is the world’s third-largest consumer of oil, and the Middle East is a major supplier of crude oil to India. In addition to energy, there are also opportunities for cooperation in sectors such as healthcare, technology, infrastructure, and tourism. The Indian government’s “Make in India” initiative and the Gulf’s efforts to diversify their economies have generated new opportunities for joint ventures, partnerships, and investments.
Recognizing the magnitude of trade opportunities and investments prospects that this age-old partnership has in store for inspiring new future business partnerships, Commerzify presents India-Gulf Business Summit 2023 conceptualized and executed by ET EDGE is scheduled on 14th June in Abu Dhabi aims to bring together businesses, thought leadership, innovators, and policy-makers under one common global platform to deliberate, discuss and reflect upon the way forward to take this strategic India & Gulf partnership forward and usher into the next era of bilateral trade, technology transfer, skills, knowledge and best practices exchange.
The global summit also endeavors to address challenges and ponder upon the way to enhance the India-Gulf trade and investment relationship which is poised for growth by bringing together key stakeholders to unlock its full potential.
The summit will also be accompanied by a few co-located events that aim to recognize and reward the untiring efforts of leaders in the direction of enhancing the Indian & Gulf ties and steering it ahead into the next phase of growth, sustainable development, and progress at scale. There will also be important discussions on Retail & E-Commerce, Sustainable Organisations and will also recognize the Inspiring Leaders in India & the Gulf.
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