India and the Arab region are engaged in improvements and transformational changes in the economy: Secretary MEA

Amb Sanjay Bhattacharyya, Secretary (Arab, OIA & CPV), Ministry of External Affairs, Govt of India said that Indians are the largest expat community in the Arab world with nine million workers, and a major element of the bilateral relationship has been the security provided by the exchange of human capital. Addressing the inaugural edition of Namaskar Arabia organized by FICCI, the MEA Secretary said, both India and the Arab region are engaged in improvements and transformational changes in the economy, and the goodwill between the people provides great potential to take the economic engagement to a higher level.

The key elements of our economic engagement are distinguished by energy, security, food security, human resource exchanges, growing trade and investment relations, Amb Bhattacharyya said. "We have moved from a hydrocarbon era to renewables and the International Solar Alliance can be a great opportunity for renewables to respond to the challenges of climate change" he further added.

Speaking on economic exchanges, Amb Bhattacharya said that the complexion of flows of investment and technology and good and services has changed dramatically, and it is time for us to seize the opportunity and take it to the next level. He further mentioned that the potential for FDI has not been fully explored and urged the business counsels to consider it closely as the way ahead will be through further extension of such potential. High technology cooperation, especially in technology and Fintech, has the potential to be stepped up. Although the India-Arab trade is huge, it is an aspect that has been underutilized, he added.

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