Latest News for Middle East & GCC
The Middle East is an oil-rich region that forms a primary part of the Arab region. The region has a hot and arid climate and is covered primarily with desert. The economy in this region is quite strong due to the export of Oil resources. Other industries form a very minute part of the economy. Except for a few countries like the UAE, where trade and tourism is very strong, the other countries are completely dependent on agriculture (other than Oil).
Countries of Importance in this Region
Indian Relations with the Region
The Middle East is an important partner for the Indian Economy. It’s not only from the perspective of getting Oil and Natural Gas from this region, but also with respect to exports to this country. Most of the ex-pat workforce (both skilled and unskilled) in this region are Indians. As well as may of the businesses in the services, retail and health care are run by Indian businesses. Hence building better relations with this region is very important. To strengthen the ties, Indian government is also working on a LINK WEST policy or the Middle-East Policy.
Investments have always been paramount for building better relationships between countries and regions and In this space not only India and Indians have invested in multiple businesses in this region, but also has received various investments from the Rulers, Sheiks, Sultans, and other Business Men from the region.
The opportunities for India in this region has been very good and fruitful. Though there is a language problem in these countries with Russian being dominating language, with the participation of various business delegations both into India as well as from India has provided opportunities for businesses to generate value in bilateral trade with this region.
Technology & Automation Solutions
Whilst the region is quite wealthy, the spending capacity of countries on technology and automation requirements for them is also very high. Technology is not only used in Mining and Oil & Natural Gas, but also it plays an important role in Manufacturing, Health Care, Retail, Entertainment, etc.,
Also with opportunities in countries like UAE, Bahrain, etc., to set up a Technology-based startup has become very easy and there are specific technology trade zones that are provided so that they can trade in the region.
Medical Tourism to Patients for Affordable Health Care
India has always been the right destination for medical tourism for people from the Middle East to get their treatments done. India not only boasts the advantages of Modern Medical facilities, but they also provide effective solutions in Ayurveda and Unani where many have got treatments from non-curable diseases or prolonged illness. Most treatments from this region are in the area of orthopedics, cardiac, dental, ophthalmology, weight loss, spine surgery, and some cosmetic & lifestyle treatments
Finally India provides treatments at one-tenth of the cost of getting treatments in the US, UK or Singapore.
Enabling Better Education for Students
India has always been the destination for Higher Education and Upskill/Reskill program for anyone in the region. A lot of students from this region have traveled to India for Medical and Engineering Studies other than general graduation studies.
Also other to the general education, India also provides opportunities for Up-skill and Re-skill resources for students and working people in Middle-East to enrich themselves in various modern and specialized skill requirements. India provides the most affordable skill development programs that is more competitive across the world. For any particular certification course, India is 60-70% cheaper than that of getting trained in the US or Europe and the quality of teaching remains the same or better. Hence many students travel to India for short term courses on specialized skill and vocational courses
Product and Commodity Exports
India has always been the provider for the region. Other to importing Oil and few agricultural products such as dates and other dry fruits, India has been exporting all kinds of crops to the middle east including food grains, pulses, Cash crops, plantation crops, fruits & vegetables and Horticulture. Though many of the agricultural products are imported from Africa too, Indian exports in these areas have always been high.
Other to these India also exports products in the areas of machinery, pharmaceuticals & medicaments, household & retail products, decorative products, etc.,
The advantage for India in the Middle East is that any product has a potential market in the region due to its good buying capacity.
Top Imports from Middle-East to India
Fuel & Minerals
Precious Metals & Jewelery
Plastics & Articles
Aircraft & Space Components
Salt, Earth Stones & Lime Materials
Copper & Articles
Top Exports from India to Middle-East
Precious Metals & Jewelery
Minerals & Fuels
Electrical & Electronic Components
Ship & Boat Structures
Mechanical Machinery & Appliances
Apparel & Clothing Accessories
Road Vehicles & Parts
Iron & Steel
India Support & Entry Office
Today India has become the market for the world. There is an audience for every product and every solution in India. For any business, there is a market, only that we have to find the right audience. India Provides opportunities in a variety of product and service requirements and hence, a good opportunity for businesses in the ASEAN region to setup marketing offices and products to be sold in India.
India is the land of opportunities and the government is always open to provide opportunities for companies to come and invest in the country. Tax breaks and benefits are offered for companies who wish to set up shops in India.