'India needs $1 tn investments in infrastructure'

India needs $1 trillion worth of investments in infrastructure in next five years, an Indian official said here on Thursday.

"India needs $1 trillion worth investments within the coming five years, especially in the infrastructure sector. The government is keen to move forward quickly with further simplifying the procedures to the maximum," said Ravneet Kaur, joint secretary, department of industrial policy and promotion.

He was speaking at the fourth GCC Industrial Forum in the Saudi coastal city of Rabigh.

Building strong business partnerships and exploring diverse investment opportunities between India and Gulf Cooperation Council (GCC) were underscored at the summit.

Leading a 42-member Confederation of Indian Industry delegation at the GCC summit, CII vice president Shobana Kamineni said: "GCC states have tremendous economic significance for India, especially in meeting India's energy needs."

"As an energy thirsty country, India looks to the oil-rich GCC states for more investments in vital areas, especially in petrochemical and pharmaceutical sectors," she added.

Inaugurating the two-day summit, Saudi Arabia's Commerce and Industry Minister Tawfiq Al-Rabiah said Gulf and Indian investors should take advantage of the best investment environment on both sides through enhancing business ties and taking advantage of investment opportunities.

He highlighted the geographical and cultural proximity between GCC nations and India.

The summit was organised by GCC secretariat, the governments of India and the six GCC member countries in cooperation with the CII at King Abdullah Economic City (KAEC) in Rabigh.

Headquartered in Riyadh, GCC counts Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates as its members.

More than 100 business leaders and officials from GCC states are participating in the event.