India seeks more investment from Gulf region

---

DUBAI, Aug 9 (PTI): India, which is wooing foreign investment in all sectors especially in infrastructure, is eyeing Foreign Direct Investments (FDIs) from the cash-rich Gulf region.
"India is keen to promote its trade and political ties with the neighbouring countries of East and West, as it is keen to get funds for its infrastructure development as the country aims to join the ranks of the economic powerhouses of Europe, US and Japan," India's Minister of State for Commerce and Industry Ashwani Kumar told a meeting of top Dubai businessmen and professionals organized by the Indian Business Professionals Council Tuesday evening.
Kumar, who was transiting through Dubai while on his to India, said "the UPA government is keen to boost traditional ties, dating back to thousands of years, with the West Asia region which forms part of India's immediate neighbourhood."
Speaking about the initiatives taken by the government, he said India proposes to establish petroleum, chemicals and petrochemicals investment regions (PCPIRS) at various locations.
"These regions are envisaged as growth engines that will boost manufacturing, augment exports and generate large-scale direct and indirect employment."
The PCPIRS operational regime envisages a state-of-the -art infrastructure that would provide conducive and competitive environment for setting up businesses.
These regions may be developed in active association with the private sector and would welcome foreign direct investments and expertise.
The Petro, Chemicals & Petrochemicals industry in India has recorded a steady growth over the years with India seeking to achieve annual economic growth of 9 per cent and above and the shift of manufacturing base from North America and Europe to Asia, the potential of the petrochemicals industry in India has increased enormously.
The UAE can play a key part in zones since the country was a leading oil and gas producer in the world, the minister said.
India's merchandise exports surged to record levels across all major commodity groups and destinations during 2005-06 and the trend is continuing during the current year (April-June 2006).
Exports are estimated to have reached a record figure of USD102.7 billion during the financial year 2005-06. The minister said at present India's share of global trade will reach half a trillion US dollars by 2011 compared to USD255 billion at present (both imports and exports).