India invites GCC nations to invest in sustainable energy sectors
By 2025, India will attract FDI of up to $120-160 bn annually, and Gulf countries are best placed to exploit this opportunity given our relations, and our cultural connect, says Vipul, joint secretary, Gulf, MEA
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Dubai: India invited the Gulf Cooperation Council (GCC) member countries to invest in the sustainable energy sectors in the country, which is one of the major focus areas of the government. Addressing the representatives of the GCC countries at India pavilion of Expo 2020 Dubai, Vipul, Joint Secretary, Gulf, MEA said that India's sustainable energy sector has immense opportunities, and the Government of India has taken a series of measures, including increasing the FDI limits along with opening up of the sectors like defence, telecom and insurance.
He added that Prime Minister Modi had announced that India would be having 500 GWs of Renewable energy by 2030 and GCC nations can capitalize on this opportunity. "We need to evolve our areas of cooperation, and the platforms required for this purpose like business technology corridors will be important. The theme of Expo 2020 itself helps us take our relations forward and look into sectors that come under - Sustainability, Mobility and Opportunity," he said, adding that, "Essentially, sustainability technology like renewable and hydrogen energy, electric vehicles, and health technology are the potential areas of cooperation and partnership."
Vipul saidit is expected that by 2025, India will attract FDI of up to $120-160 bn annually, and Gulf countries are best placed to exploit this opportunity given our relations, and our cultural connect. India already has a large market with highly talented workforce along with a focus on predictability in the business environment, he added.
"There will be a continuous strengthening of India-GCC relations and that would provide an enabling environment for businesses to succeed," Vipul added. Dr Aman Puri, Consul General of India in Dubai and Deputy Commissioner General for India at Expo 2020 Dubai said that the Govt of Dubai recently collaborated with the Govt. of J&K to invest in the state. This is a huge opportunity for all the GCC countries as well. "Expo 2020 is a great opportunity for all of us and we should collectively come forward to utilize this to drive economic growth, economic recovery and revival," he added.
