India is an attractive investment destination, Tharoor tells Arab countries

NEW DELHI - Minister of State for External Affairs Shashi Tharoor on Wednesday beckoned the Middle-East countries to park their funds in India by saying that India is safe and attractive destination for investment.

Speaking at a seminar ‘Beyond the Meltdown: Search for Options’ in New Delhi on Wednesday (February 03), Tharoor said that India is an ideal destination for investment.

“The GCC (Gulf Cooperation Council) are sitting on a colossal disposable resources estimated at three to four trillion dollars amounting to almost half of the global sovereign funds available, which are of course intended to be used for investment purposes. There is no doubt that India is an attractive destination for such investment than any other places in the world. Some investments have already started from these countries in the form of FDI and FII but they are far less then the actual potential,” said Shashi Tharoor during his address to policy formulators from India and the Arab world.

The Institute of Objective Studies in collaboration with Indo-Arab Economic Co-operation Forum has jointly hosted the two-day conference.

The participants include decision-makers from the corporate world, financial houses, academicians and policy formulators from India and the Arab world.

Tharoor also mentioned that India has been a steadfast supporter of the Palestinian cause and wants a peaceful solution to the conflict.

“India desires to see a resolution of tensions in the region through dialogues. Although, we didn’t play a direct role in the peace process in West Asia but we attach immense significance to both the process and the region. India has a consistent and unwavering record for the support for the Palestinian cause. We share a perception that the conflict in central Asia is essentially a political in nature and can’t be solved by force,” added Shashi Tharoor.

He also noted that New Delhi is hosting a two-day India-Arab Investment Projects Conclave from February 8 with an objective to provide an ideal platform for investors.

Representatives of top business fraternity from 17 different Arab nations are expected to attend the conclave in which business proposals worth billions of dollars are slated to be discussed.

Gulf Arab investors are increasingly looking to Asia to invest windfall oil revenue, eager to ride the rise of China and India and diversify away from their traditional ties with the United States following global financial meltdown and other concerns.

Public and private companies in the world’s largest oil-exporting region want to take luxury hotel and resort brands to Beijing and Shanghai, invest in Indian power stations and funnel billions of dollars into Pakistani real estate.

Gulf Arab investors have spent around 94 billion dollars on foreign mergers and acquisitions since 1997, about two-thirds of that in 2005 and 2006. (ANI)