Dubai: Pitching for investments, a business delegation from Gujarat has invited Qatar's corporate groups to venture into manufacturing, automobile and hydrocarbons among other sectors in the state.
A business meeting for the "Vibrant Gujarat 2015 Middle East Delegation" was co-hosted by the Indian Embassy and a Doha-based bank in Qatar.
Representatives of corporates from large and medium scale industrial groups attended the meeting.
The Indian delegation was led by B B Swain, Vice Chairman and Managing Director of Gujarat Industrial Development Corporation.
Indian Ambassador to Qatar, Sanjiv Arora, was also present on the occasion.
During the inaugural session, R Seetharaman, Group CEO, Doha Bank gave his insight on Indian and Qatar economies. He said that India's GDP grew at 5.7 percent in the first quarter of 2014-15 and exceeded expectations.
"The manufacturing sector reflected a 3.5 percent growth. India's economic growth was at 4.7 percent in 2013-14. India's Consumer Price Index (CPI)-based inflation rose to 7.96 percent in July 2014," he said, adding that the country's current account deficit for first quarter narrowed sharply to 1.7 percent of GDP from 4.8 percent in the corresponding period of 2013-14.
Seetharaman also said that Qatar's economy is likely to grow at 6.3 percent this year and that growth in non-oil and gas sector is going to drive Qatar's economic growth.
He highlighted investment trends and bilateral relationships between India and the GCC. He said that foreign direct investment inflows to India during 2013-14 was USD 36 billion and India received USD 70 billion through foreign remittances in 2013 with GCC being one of the key contributors to foreign remittances.
GCC India trade is close to USD 150 billion in 2013-14, he said. In his keynote address, Sanjay Arora gave insight into how Gujarat has progressed in recent times and stressed the importance of Vibrant Gujarat 2015.
Swain made a presentation 'Partner with Gujarat: Lead the World'. He gave insight into key indicators of Gujarat such as trade, foreign direct investment and connectivity.
He also showcased various sectors such as manufacturing, automobile, chemicals, oil and gas, renewable energy, textiles and jewellery and investment opportunities in these sectors.
