India-GCC trade reaches $162 billion, strengthening energy and defence
ECONOMY & POLICY

India-GCC trade reaches $162 billion, strengthening energy and defence

Aseem R Mahajan, Joint Secretary for the Gulf at the Ministry of External Affairs, stated that the Gulf Cooperation Council (GCC) now contributes 15% to India’s total trade, with bilateral trade between India and the region reaching $162 billion last year. Speaking at the 'India MENA Business Dialogue: Bridging Economics, Fostering Growth' organised by FICCI, Mahajan emphasised the growing multi-faceted partnership between India and the Gulf, which spans sectors such as energy, defence, security, and health.

Mahajan noted that while overall trade figures may fluctuate, India's exports to the GCC have consistently grown. He mentioned that India exports a variety of products, including food processing goods, jewellery, synthetic fibres and yarns, textiles, pharmaceuticals, and engineering goods, and chemical products, and highlighted these areas as having significant potential. He also pointed out that the India-UAE Comprehensive Economic Partnership Agreement (CEPA), signed in 2022, has significantly boosted trade relations with the UAE.

Mahajan highlighted key initiatives in financial connectivity, such as the on-going integration of India’s UPI system with the UAE’s JAYWAN card and RuPay. He also mentioned the operational local currency settlement system in Dirham and UPI as a model that other countries are considering. Emerging opportunities in education and connectivity, particularly through the India-Middle East-Europe Economic Corridor, were also noted as areas with significant potential.

Investment opportunities from Sovereign Wealth Funds in Saudi Arabia, the UAE, Qatar, and Kuwait are being closely monitored. Mahajan indicated strong interest in sectors like infrastructure, hydrocarbons, renewable energy, and technology, mentioning that diverse areas such as food processing, technology, health, hospitality, and tourism present potential for fruitful joint ventures and partnerships.

Aseem R Mahajan, Joint Secretary for the Gulf at the Ministry of External Affairs, stated that the Gulf Cooperation Council (GCC) now contributes 15% to India’s total trade, with bilateral trade between India and the region reaching $162 billion last year. Speaking at the 'India MENA Business Dialogue: Bridging Economics, Fostering Growth' organised by FICCI, Mahajan emphasised the growing multi-faceted partnership between India and the Gulf, which spans sectors such as energy, defence, security, and health.Mahajan noted that while overall trade figures may fluctuate, India's exports to the GCC have consistently grown. He mentioned that India exports a variety of products, including food processing goods, jewellery, synthetic fibres and yarns, textiles, pharmaceuticals, and engineering goods, and chemical products, and highlighted these areas as having significant potential. He also pointed out that the India-UAE Comprehensive Economic Partnership Agreement (CEPA), signed in 2022, has significantly boosted trade relations with the UAE.Mahajan highlighted key initiatives in financial connectivity, such as the on-going integration of India’s UPI system with the UAE’s JAYWAN card and RuPay. He also mentioned the operational local currency settlement system in Dirham and UPI as a model that other countries are considering. Emerging opportunities in education and connectivity, particularly through the India-Middle East-Europe Economic Corridor, were also noted as areas with significant potential.Investment opportunities from Sovereign Wealth Funds in Saudi Arabia, the UAE, Qatar, and Kuwait are being closely monitored. Mahajan indicated strong interest in sectors like infrastructure, hydrocarbons, renewable energy, and technology, mentioning that diverse areas such as food processing, technology, health, hospitality, and tourism present potential for fruitful joint ventures and partnerships.

Related Stories

Gold Stories

Next Story
Technology

LTTS Launches AgenticIQ AI Platform for Engineering

L&T Technology Services (LTTS) has launched AgenticIQ, an end-to-end agentic AI platform designed for engineering and manufacturing organisations.The platform is aimed at helping enterprises move beyond isolated AI pilots by enabling autonomous, multi-agent workflows across engineering, product development, manufacturing, industrial operations and customer experience.AgenticIQ is built on LTTS’ Engineering Intelligence portfolio and converts existing engineering capabilities into specialised, reusable AI agents. Its planning-first architecture is embedded into engineering and production ..

Next Story
Infrastructure Urban

Walplast Invests in Vura Bau Chemie to Expand Portfolio

Walplast Products Pvt. Ltd. has announced a strategic majority investment in Vura Bau Chemie LLP as part of its plans to strengthen and expand its building and construction materials portfolio.Vura Bau Chemie offers a specialised range of tile adhesives, waterproofing solutions and stone-care products. The investment is aligned with Walplast’s long-term strategy to expand its presence across the building materials value chain and address evolving requirements in India’s construction industry.The transaction will strengthen Walplast’s offerings in the tile adhesives and waterproofing segm..

Next Story
Infrastructure Urban

Covestro Joins KOLLEKT Circular Automotive Research Project

Covestro has joined the KOLLEKT research project, a three-year initiative focused on developing recyclable automotive lighting, mechatronic and electronic components through circular product design and advanced recycling technologies.The project brings together FORVIA HELLA as coordinator alongside BMW, Covestro, Geba, Fraunhofer IEM, Fraunhofer UMSICHT, the University of Paderborn, Hamm-Lippstadt University of Applied Sciences, Helmholtz-Zentrum Dresden-Rossendorf and SW Maschinenservice.Running from June 2026 to May 2029, KOLLEKT is funded by the German Federal Ministry for Research, Technol..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement