India - Arab Investment Projects Conclave
April 18-19, 2008, New Delhi

Speech by H.E. Dr. Ahmed Salem Al-Washishi, Chief Representative of Arab League

Honourable Shri Pranab Mukherjee, Union Minister of External Affairs,

H.E. Saleh M Al-Ghamdi, Dean of Arab Corps & Ambassador of Saudi Arabia

Honorable Shri Harsh Pati Singhania, Sr. Vice President - FICCI

Honorable Dr. Amit Mitra, Secretary General - FICCI

Excellencies,

Ladies and Gentleman,

It is a privilege and honour for me to address all of you to the inaugural session of this conclave that has brought dignitaries and delegates from the Arab world and India together.

The global economic architecture is visibly transformed in recent years. Finance, resources, technology and markets are no longer the preserve of the developed world. The developing countries today possess not only markets and resources but also commandeer cutting-edge technology and surplus investible funds to drive global businesses.

The power shift has given new meanings to South-South Cooperation, particularly between regions that are economically and culturally contiguous. India and the Arab World share deep-set economic and cultural linkages, and are both on the ascendant in the emerging global economic cycle of prosperity. There is consensus that India and the Arab world can build upon these historical ties…these current strengths together. That, we can utilize existing platforms for economic growth and give businesses a new direction and thrust.

The economic reforms both in India and in the countries of West Asia which have recently opened up to foreign investment and global trade and provide immense opportunity.

The Arab States have held an important role in the World economy for years due to their wealth of natural resources. The Current oil boom has provided a catalyst for these countries to undertake the structural reforms necessary to diversify their economies away from oil and these countries have great economic potential. The Arab world needs a development model to unlock its potential and here Indian can play a constructive role.

On the other side, India is booming not only in Asia but at World level has already the largest pool of qualified engineers, doctors and other skilled labor with strong research skills, technological training and managerial capabilities which is very useful for the Arab World. India has more than 5 million expatriotes in our region.

The two regions are now poised to leverage the complementarities in the realms of trade and investments.

Opportunities galore for Indo-Arab investment project, but there is a greater need for wider dissemination of knowledge and information in this regard which the deliberation of this conclave should discuss and come up with concrete proposals.

India has always extended unequivocal support to the Arab Countries in the International arena and has had trade ties with the region dating back to the earliest settlements, yet there is still scope to broaden these ties. A lot of initiative is being taken by the stakeholders of both regions to take the co-operation between the two Parties to a new level. One such effort is Indo-Arab Forum, prepared by FICCI which will be marked in the history of Indo-Arab relation as important initiatives by the Government of India and Arab League and it is under process.

Delegation of Arab League had visited India in May 2007 and met with MEA delegation to finalize the consultation with MEA for the Memorandum of Co-operation and Plan of Action for the Indo-Arab Forum to be signed between both sides. This Agreement will launch the new stage for Indo-Arab co-operation Forum.

This Forum will provide an umbrella for enhancing the Indo-Arab ties both at Government and Non-Government level including the private sector that will cover all aspects Political, Economic, Social and Cultural. Accordingly, a series of events and activities will be organized over the period of time. In this series of events, to mark this achievement a grand Indo - Arab Festival will be organized in November. It will comprise of Indo - Arab Partnership conference and Arab Cultural festival to be organized by FICCI in New Delhi under the auspice of Ministry of External Affairs - India.

Indeed, the India - Arab Investment Projects Conclave is significant initiative to further consolidate the Indo-Arab ties for the benefit of India and Arab Countries and a good step in this year 2008 which will be marked as Golden Year for Indo-Arab Co-operation Forum.

Before I end, I would like to thank Great India and its friendly people and Government of India for their continuous support to the Arab World. We cherish the friendship and long historic ties that have helped us to build the past and will help to nourish the future.