With the Gulf countries embarking on knowledge-based economic expansion, India and the six-member Gulf Cooperation Council have the opportunity to play a key role in each other's bid to achieve accelerated economic growth, external affairs Minister S M Krishna has said.
Krishna said that this partnership provided solid foundation for the two sides to build on as the Gulf countries embarked upon knowledge-based economic expansion.
GCC consists of six countries namely, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates. In an interview to publishing, research and consultancy firm Oxford Business Group (OBG), Krishna said that India and the Gulf have historically enjoyed close relations.
"Both regions aspire to similar objectives, including accelerated economic development and inclusive growth. India and the GCC therefore have a lot to learn from each other," he said.
Krishna said India's business leaders could provide an insight into how the country's move to liberalise its markets through economic reforms had paved the way for more forward-looking industry and service sectors. He added that India would benefit from the GCC's expertise across a range of sectors, including agriculture, petrochemicals, pharmaceuticals and science.
Krishna also highlighted the benefits that both sides would gain from stepping up cooperation on small and medium-sized enterprises (SMEs). "This is an area that offers us many possibilities to gain from each other's strengths," he said.