Healthcare and pharmaceuticals will be among the key drivers for enhancing the bilateral trade between GCC countries and India in the coming years, according to internationally-reputed economist Dr Seetharaman.

Dr Seetharaman, group CEO of Doha Bank, said Qatar, UAE and Kuwait are expected to implement projects worth more than US$ 70 billion, US$ 85 billion and US$ 70 billion respectively in 2014 alone. Qatar alone is planning to spend more than $1 billion in the next five years to build and equip hospital and medical cities, said a release here. He, along with a senior delegation, was in India recently to meet the industry leaders in major Indian cities, in the run-up to open the first branch of Doha Bank in India.

“India and GCC nations can harness strong energy relationship by extending their partnership to manufacture value-added products such as refining, petrochemicals, plastics, fertilizers and pharmaceuticals. GCC is expected to attract US$ 57 billion into petrochemical industry over the next five years. The growing demand for healthcare services coupled with regulatory changes and emphasis on quality healthcare makes the GCC huge potential for the Indian Healthcare companies,” he said.

“Indian economy an ideal source for sourcing and developing agro-based value chain in the GCC region. Indian investors in turn have huge opportunities for investment in knowledge and skill based services in GCC, particularly in fields like IT. With greater emphasis on education sector and push for scientific research facilities in the GCC, universities and research institutes from India can use their expertise and the market opportunities to expand in the region,” he pointed out.

Commenting on the bilateral trade between GCC and India, Dr Seetharaman said the trade increased by 8 per cent in 2012-13 when compared to previous year over $159 billion. “Imports of GCC from India increased by 13 per cent in 2012-13 when compared to previous year to $51 billion. Exports of GCC countries to India increased by 6 per cent in 2012-13 when compared to previous year to $108 billion. India and GCC identified sectors like oil and gas, fertiliser and information technology as key areas of cooperation. In the financial year that ended in March 2013, remittances from the GCC to India rose to US$ 24.93 billion from $16.43 billion in 2011. GCC will continue to grow in its stature as a major remittance source bloc to India,” he pointed out.

“The bilateral trade between the Qatar and India during 2012-13 exceeded US$ 16 billion. In May 2013 Qatar bought a 5 per cent stake in Indian telecoms firm Bharti Airtel Ltd for $1.26 billion. In March 2014 India and Qatar agreed to enhance trade ties between them. Many Indian companies such as L&T, Tata Projects, Voltas, and Punj Llyod have active relationships in the Qatari market, ” he added.