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Expo 2020

India strengthens ties with GCC nations, invites them to invest in sustainable energy

Published: Updated:

India invited the Gulf Cooperation Council (GCC) member countries to invest in the sustainable energy sectors in the country, one of the Indian government’s major focus areas, at an event at Expo 2020 Dubai on Tuesday.

Indian Prime Minister Narendra Modi announced that India would have 500 gigawatts of renewable energy by 2030, Joint Secretary of the Gulf region at India’s Ministry of External Affairs, Vipul, said in a statement released on Wednesday, adding that it was a good opportunity for the GCC to capitalize on it.

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“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.

“Essentially, sustainability technology like renewable and hydrogen energy, electric vehicles, and health technology are the potential areas of cooperation and partnership.”

He added that by 2025, India expects to attract foreign investments of up to $120-160 billion annually, and that Gulf countries are best placed to capitalize on such opportunities given their ties with India.

“There will be a continuous strengthening of India-GCC relations and that would provide an enabling environment for businesses to succeed,” Vipul added.

Nasser al-Aqil, VP Strategic Partnerships and Government Affairs, National Companies Promotion Program, Kingdom of Saudi Arabia said that India and Saudi Arabia are on a growth path and the business relationships are continuously improving with the changing dynamic world.

“We look forward to the strengthening of India-Saudi ties,” added al-Aqil.

“Recently we announced 50 different investment opportunities and we would like to receive interest from companies across India. We want Oman to be a place where business can come grow and thrive,” said Haura al-Wahaibi, Director of Investment Promotion, Ministry of Commerce, Industry and Investment Promotion, Oman.

Abdullah al-Basha al-Noaimi, the UAE’s Commercial Attache to India, said that there are endless opportunities for mutual collaboration in the realm of woman entrepreneurship between the GCC and India.

Dubai-based megaevent Expo 2020 has so far recorded over 2,942,388 visits since its grand opening on October 1.

Expo 2020 Dubai runs until March 31, 2022, inviting the world to join a celebration of unity, opportunity, creativity and sustainability that will help to shape a better, brighter future for everyone.

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