India and the PGCC intensify economic ties

Published on Islamic Republic News Agency IRNA on May 30, 2007.

India and the Persian Gulf Cooperation Council PGCC agreed Wednesday to further intensify their economic ties and finalize a free trade pact, while recognizing that oil and gas will remain the ‘mainstay’ of their cooperation.

A Mumbai Declaration released at the third edition of the two-day India-PGCC Industrial Forum calls for enhanced cooperation between the two sides in four specific areas — real estate, energy,
petrochemicals and infrastructure, IANS reported.

“Four specific areas of cooperation, not excluding others, have been deliberated to further the process and spearhead the expedition of investment ideas,” said Saudi Commerce and Industry Minister Hashim bin Abdullah bin Hashim Al-Yamani.

While energy will comprise oil, natural gas and electricity, the infrastructure sectors include ports, airports, railways, road transport and highways, senior officials who attended the two-day meeting in Mumbai said … (full text).

Comments are closed.