India has invited the Gulf Cooperation Council (GCC) countries to capitalize the emerging opportunities in the sustainable energy sector in the country by investing hugely. Addressing the representatives of GCC countries at the India Pavilion at Expo 2020 Dubai, joint secretary Gulf Ministry of External Affairs Vipul said, India’s sustainable energy sector has immense opportunities offering high returns to investors.
He pointed out that the Prime Minister Narendra Modi had announced that India would be having 500 Giga Watts of renewable energy by 2030. “We need to evolve our areas of cooperation, and the platforms required for this purpose like business technology corridoors will be important,” Mr Vipul said.
He added, “It is expected that by 2025, India will attract FDI of up to $120-160 billion annually, and Gulf countries are best placed to exploit this opportunity given our relations, and our cultural connect. India already has a large market with highly talented workforce along with a focus on predictability in the business environment,” he added.
The government of India has already taken a slew of investor friendly measures including increasing the FDI limits, and opening up different sectors like defence, telecom and insurance, Mr. Vipul pointed out.
The theme of Expo 2020 itself helps us take our relations forward and look into sectors that come under – Sustainability, Mobility and Opportunity,” he said, adding that essentially, sustainability technology like renewable and hydrogen energy, electric vehicles, and health technology are the potential areas of cooperation and partnership.”
“There will be a continuous strengthening of India-GCC relations and that would provide an enabling environment for businesses to succeed,” Mr. Vipul added.