India aims to double trade with Arab region by 2014

India aims to double bilateral trade with the Arab world by 2014 from $114 billion at present, Commerce and Industry Minister Anand Sharma said today.

"We look at doubling our (India and Arab region) bilateral trade by 2014. We can do it ... Set your goals for investments (in India)," Sharma said here at Ficci's India- Arab Investment Projects Conclave.

Sharma also sought investments from the region in the sectors like ship building, infrastructure, pharmaceutical, IT, agro-processing and energy.

He said that returns from investments in India are huge and assured.

Speaking on the occasion, Deputy Secretary General of League of Arab States, Ahmed Benhelli said that there are huge opportunities in the region for investments and both regions should cooperate each other in enhancing economic ties.

"We can cooperate in the areas like infrastructure, human resource development, health and tourism."

The Arab League has 22 members, including Jordan, Lebanon, Saudi Arabia, Kuwait, Oman, Palestine, Qatar and Algeria.

Minister of State for External Affairs Shashi Tharoor said that the market opening pact between India and the Gulf Cooperation Council should be concluded at the earliest to further strengthen trade ties between the regions.