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Overview

The GULF region is an important strategic region for India with profound geopolitical and geo-economic significance. India and the region share deep civilizational contacts, cultural exchange and historical linkages. In recent years India has attempted to bolster ties with the GULF countries, which is rooted in two foreign policy objectives: position India as a global player on the world’s stage and leverage foreign relations to boost India’s economic developments and growth.

The recent years have seen a number of promising developments and India has a lot of advantages going in the region with large market size, established technology hub, cheaper operation costs, good talent, high volumes, and historic cultural relations. A wide range of economic and structural reforms were adopted in the region while public and private investment projects were launched to pursue economic diversification and human capital development as well as investment in oil and gas, infrastructure, and other economic sectors. India’s total export with the various countries of GULF region stood at US$ 44.37 billion whereas total import from the region stood at US$ 84.32 billion during the year 2023-2024 (Apr-Jan).

A wide range of economic and structural reforms were adopted in the region while public and private investment projects were launched to pursue economic diversification and human capital development as well as investment in oil and gas, infrastructure, and other economic sectors.

India’s total export with the various countries of GULF region stood at US$ 44.37 billion whereas total import from the region stood at US$ 84.32 billion during the year 2023-2024 (Apr-Jan).

Objective

Energy, trade and ensuring the security of Indian expatriates have traditionally been the key components of the India–Gulf relationship. India has a large stake in Gulf stability given that approximately 8.8 million Indian nationals reside in the region. The Gulf Cooperation Council (GCC) is India’s largest regional-bloc trading partner. Trade with the GCC comprised 15.8% of India’s total trade in FY2022–23, compared to 11.6% of total trade with the European Union. The UAE has consistently been India’s principal trading partner within the Gulf and is India’s third-largest trading partner overall, with Saudi Arabia in fourth place. However, despite India and the GCC announcing their intent to resume negotiations for a free-trade agreement (FTA) in November 2022, a deal has not yet materialised. The Conference will seek to promote and galvanize India-GULF linkages to leverage the potential of trade and investment to their true and immense potential.