The India- Gulf synergy offers tremendous opportunities for Indian firms in the post-COVID-19 period. The Indian firms have a massive potential to tap the GCC growth in post-COVID-19 age, according to a recent study titled "Enhancing India's bilateral relations with the GCC countries: trends in trade, migration and remittances."
The India Exim Bank released the study in the presence of Mr. Munu Mahawar, Ambassador of India to Oman, Dr. Deepak Mittal, Ambassador of India to Qatar, Mr. Piyush Srivastava, Ambassador of India to Bahrain; and senior officials from the Embassy of India in Kuwait, Larsen & Toubro Limited and Afcons Infrastructure Limited, during the webinar titled "Enhancing India-GCC relations: prospects in project exports and beyond"
India's ambassador to Oman, Munu Mahawar said, "The Oman authorities are planning a port near the mining areas, which could be an investment opportunity for Indian companies and investors. Oman's free trade arrangement with the US can be another major attraction for Indian exporters."
India's ambassador to Bahrain, Piyush Srivastava, and senior diplomat at the Indian embassy in Kuwait, Fawad Ahmed Khan Suri, deliberated the Indian investors to take maximum advantage of the opportunities in the post-pandemic region.
"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," Srivastava and Suri said, adding this is the opportune time for Indian companies to step in.
Defence product exports were another major potential area cited by the panellists for increased cooperation between India and GCC countries. Indian companies, with globally proven efficiencies in the technology and related fields, should also come forward.
While India's relation with the GCC has been transforming through years, the horizons need to be diversified through potential actions in closer collaborations and identification of newer avenues that post-Covid era will offer. Though financing is an obvious issue for bidding into mega projects, top Indian diplomats in Gulf urges the companies to make long-term investment plans by becoming leading players in the region.