The Minister of Commerce and Industry Dr. Tawfiq bin Fawzan Al-Rabee'a patronized here today the GCC-Indian Business 4th Forum in the attendance of India's Vice Minister of Commerce Reefed Kor, GCC head of economic affairs Rayhan bin Mubarak Fayez Rayhan, Secretary General of GCC chambers of commerce and industry Abdulrahim Hasan Naqi and a number of Saudi, GCC and Indian businessmen. Addressing the gathering, Al-Rabee'a confirmed the deep-rooted relations between GCC countries and India which, he said, are based on ties of fraternity, friendship, mutual interests and cultural and trade exchanges. Highlighting the rapprochement between Arab and Indian civilizations over history, he said the Indian culture has turned to be of a close inter-relation with the Arab Islamic culture, noting that the trade size between the GCC and India increased in 2014 to $150 billion with GCC exports to India amounted to $95 billion and GCC imports from India reached around $55 in the same period. He said trade exchange between the Kingdom of Saudi Arabia and India amounted in 2014 to about $40 billion with Saudi exports to India were more than $33 billion and its imports from India reached nearly $7 billion. He called for more exchanges of high-level visits between India and GCC countries, paying special attention to transfer of technology, encourage of exports, exchange of information, and hold exhibitions, symposia, conferences, and workshops. For his part, Rayhan cited the accelerating political and security changes orchestrating the world as justifications to push to the two blocs nearer to each other to the best benefit of their peoples. He recalled a GCC summit resolution to enter into a free trade zone between its member countries and India whereas goods of origin enjoy free movement without restrictions or customs charging. For her part, the Indian representative confirmed that her country is a major trade partner of the GCC countries, citing the rush of Indian workers to the GCC region for more than 40 years, a reference to the presence of some five million Indian expatriates in the region. She unveiled that India is currently working with its GCC partners to forge partnerships in the fields of energy security and infrastructure development. She also disclosed that India, the world's second fast-growing economy, benefits from major tax reforms and market liberation and privatization initiatives. She added that her country which is the world's fast-growing telecommunication market, the leading gold and jewelry consumer, the world's biggest sugar refining lab operator, the world's second populated country, is considered among the largest consuming markets in the world. For his part, Naqi called for availing this opportunity to launch new ideas, investment opportunities and initiatives on how to exploit this relation to best serve the people of GCC countries and India alike.
