Trade between India and the six- member Gulf Co-operation Council (GCC) could exceed $130 billion by 2013-14, according to industry lobby Associated Chambers of Commerce and Industry of India (Assocham).
Two-way trade, which has been growing in view of growing warmth in economic and diplomatic ties, could exceed $130 billion by 2013-14, up from around $100 billion estimated in 2009-10, Assocham said in a statement.
About 3-3.5 million Indians work in the GCC countries, making them a huge remittance source as well.
"There exists vast potential in field of agriculture, fisheries, quarrying and mining between India and GCC which will bring closer small and medium sectors of both the regions and help develop the base of nations," said Swati Piramal in a manual submitted to Ministry of External Affairs on India-GCC trade.
Financial sector is another area recommended for joint collaboration besides, IT and IT enabled services.
"Joint exploration for oil and gas should be the next step forward. Indian companies need to aggressively participate in GCC’s special economic zones in which multiple trade activities can be intensified," Pirmal said.
The manual also suggests building a more strategic relationship with the GCC so that the surplus funds available within the region can be channelled towards Indian infrastructure development projects.