India and The Republic of Yemen are finding growth in bilateral trade and the country has been importing pharmaceuticals and chemicals from several countries.
India has potential to further increase exports of drugs and pharmaceuticals and chemicals to Yemen, as the country could act as a gateway to the Middle East markets, according to RM Aggarwal, ambassador of India to Yemen.
Aggarwal who is to formally take charge as ambassador to Yemen from November 2006, said, Yemen can be a key nodal point for pharmaceutical companies planning to expand their export markets in the Gulf region as it is surrounded by Oman, UAE and Saudi Arabia. A significant number of Indian nurses and medical personnel also work in Yemen.
India and Yemen have established a Joint Business Council (JBC) to establish and facilitate trade collaborations between the countries, which meets in India and Yemen alternatively each year. The president of India is planning to visit Yemen to further strengthen the relations between two countries, soon. Yemen is an economically and politically stable nation. Yemen's per capita income is estimated to be around $ 450. Yemen is an evolving country, he added.
While discussing the areas for improvement in trade relations with Indian industries in a meeting held at Hyderabad recently, a senior official from a vaccine manufacturing company pointed that the current registration procedure for veterinary vaccines in Yemen is cumbersome and needs to be simplified. The legal documentation costs in Yemen are also high next to costs incurred in UAE.