JBA participated in the 5th the India-Arab Partnership Conference that was held in Muscat, Oman from December 14 to 15, 2016 and hosted by and Oman Chamber of Commerce. The theme of the conference was ‘Partnership towards innovation and cooperation in IT’. It was organized by the Oman Foreign Ministry, Arab League Secretariat in association with the Union Ministry of External Affairs of India , FAB , FICCI and . The aim of the conferences was to enhance flow of investments from both sides,it discussed topics in fields of technology, innovation, health, pharma sector, clean technology, renewable energy, food security, education, skills development and tourism sector. On the sidelines of the Conference , His Highness Mr. Fahd Bin Mahmoud AL Said , Oman Deputy Prime Minister for Cabinet Affairs , met with HE DR. Jawad Al Anani , Jordan Deputy Prime Minister and HE Mr. Hamdi Tabba’a, FAB and JBA Chairman , the meeting focused on the means to enhance the economic relations between Jordan and Oman .
His Highness Mr. Kamil bin Fahd al Said, Assistant Secretary General for the Cabinet of Deputy Prime Minister for the Council of Ministers of the Sultanate of Oman, patronized the conference , H.E. Mr. Ahmed Ben Helli, Deputy Secretary General of the League of Arab States, represented The Arab League ,HE Dr. Jawad Al Anani, Deputy Prime Minister of Jordan , headed the Jordanian delegation , HE Mr. M.J. Akbar, Minister of State for External Affairs, represented India Gov. in the opening session . HE Mr. Hamdi Tabba’a , FAB Chairman ,addressed the participants in the opening session reviewing the Arab India economic relation and prospects for cooperation , he said:
This conference comes in the light of current global and regional economic conditions which are characterized by perplexed economic performance in the financial, monetary and investment fields. Growth of world gross product is now projected at 2.8 percent in 2014 and 3.2 percent in 2015 up from 2.2 percent in 2013 .In the Arab world, the year 2013 witnessed a slight decline in rates of economic growth in most Arab countries to reach 3.37 percent against 3.95 percent in 2012, because of the exceptional political conditions experienced by some of them and others are still in the process of turmoil. It is expected that the growth rate of Arab economies will resume its increase in 2014 to reach 5.1 percent.
On the other side, India is having one of the most emerging world economies. India’s economy is recovering and achieving remarkable growth rates. The Arab world is India’s largest trade partner with bilateral trade exceeding 185 billion dollars, 77.5 percent of which represents India’s oil and gas imports from our region. More than seven million Indians are working in Arab countries. In addition to their annual remittances accounting to 40 billion dollars, they form Civilizations Bridge between our countries. The Arabic and Indian sides have favorable and feasible opportunities for cooperation in many sectors the most important of which are trade, Pharmaceutical industry, energy and renewable energy, information technology ,scientific research and technology , human resources development and education, agricultural development as well as other services sectors such as tourism and health care .Needles to mention that there are many challenges facing the two sides which need to be addressed through the two parties’ cooperation. Arab investments in India are estimated around 125 billion dollars, while Indian investments in the Arab world only account for 6 billion dollars. We hope these investments may rise in the few coming years. Indian trade balance excluding oil and gas with Arab countries generates a surplus of 29 billion dollars, therefore, it has to be corrected by increasing Indian imports such as phosphate, potash, fertilizers and other minerals as well as any other goods demanded by the Indian consumers from the Arab world. Indian contracting companies may enter into joint ventures with Arab companies to work in reconstructing Arab economies and infrastructure. We hope that Indian tourists will make their way to Arab countries since we have many famous touristic spots. Indian technical and financial aid to other non-oil Arab states such as scholarships and training may be provided under cooperation programs.
The program of the Conference included a discussion session which involved participation of Mr. Yahya Bin Said al-Jabri , Chairman of SEZAD ,HE Dr. Jawad Al Anani , Jordan Deputy Prime Minister and State Minister for Investment, mr. Rajendra Shukla , Minister of Commerce &Industry in the State of Pradish India , and HE Mr. Alah Al Hassan Sudan Minister of Commerce . The program included presentations on the investment climate and investment opportunities for both sides .
