India was also increasingly co-operating with the Gulf states for oil exploration and it could be the biggest market for these countries since it was moving ahead in ensuring for itself energy security in the years to come.
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Gulf Money Finds New Home
Anti-west sentiment seen as cause for boom in other economies...
The Iraq war and the resultant anti-West sentiment in the Gulf region has worked to the advantage of countries like India. Trade between India and the Gulf region reached $ 10 billion during 2002-03 compared to $ 8 billion during 2001-02.
Mr Kamaluddin Ahmed, Indian Ambassador to the Kingdom of Saudi Arabia, said that Saudi Arabian businessmen were increasingly becoming aware of "the rich opportunities for investment in India, where their capital, coupled with locally available state-of-the-art technologies, unmatched human resources/expertise, large and expanding market, skilled labour, etc can bring in rich rewards."
There are already 55 Indian joint ventures in Saudi Arabia and 40 Indo-Saudi ventures in India.
India was also increasingly co-operating with the Gulf states for oil exploration and it could be the biggest market for these countries since it was moving ahead in ensuring for itself energy security in the years to come.
India was also increasingly co-operating with the Gulf states for oil exploration and it could be the biggest market for these countries since it was moving ahead in ensuring for itself energy security in the years to come.
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