World Bulletin/News Desk
India is increasingly pursuing an unannounced policy of Looking Mid-West — a region comprising the Gulf and WANA (West Asia-North Africa), spanning Iran to Syria. As much as 60 percent of India’s oil and gas requirement is sourced from this region, Arab News reports.
Saudi Arabia is one of the most important countries when one talks about New Delhi’s unstated policy of Looking Mid-West.
According to the report, the Saudis are sitting over huge investible funds worth almost $500 billion and India figures on top of the Kingdom’s investment list because of the huge returns investments in India are likely to yield.
Rajeev Sharma reports that the importance of the Gulf and the six Gulf Cooperation Council (GCC) countries for India cannot be overstated when India’s overall economic and commercial engagement with the Gulf region is around $160 billion per annum.
Significantly, out of the first five largest exporters of oil to India, four are located in Gulf countries. Besides, the largest LNG supplier is in Gulf countries for India.
There are over seven million Indians in the Gulf who send huge remittances back home. Out of the World Bank’s report of $70 billion remittances annually that India received last year, the lion’s share has come from the six GCC countries. Twenty percent of the GDP of the southern Indian state of Kerala is dependent on the Gulf, as expats from Kerala send over $35 billion in remittances back home every year.
India’s trade with UAE is to the tune of $75 billion and has the potential of overtaking in a few years India’s single biggest trade partner, the United States, with which India has an annual trade of $100 billion, report states.
India and the UAE also have robust defense cooperation since the two sides signed a Defense Cooperation Agreement in June 2003.Last Mod: 27 Şubat 2014, 14:38