India should eye Arab sovereign wealth funds for investments: India-Arab Council chairman

NEW DELHI: India should proactively engage with sovereign wealth funds of the

Arab region

such as Abu Dhabi Investment Authority and Public Investment Fund of Saudi Arabia for investments in the infrastructure sector, India-Arab Council chairman Vikramjit Sahney said on Friday.

Sahney said sovereign wealth funds in the Arab region are playing an increasingly important role in the

global economy

despite economic headwinds due to the Covid-19

pandemic

.

"India should proactively engage with sovereign wealth funds of Arab Gulf such as Abu Dhabi Investment Authority,

Kuwait Investment Authority

, Public Investment Fund of Saudi Arabia and

Qatar Investment Authority

for getting investments in infrastructure and joint ventures for Aatmanirbhar India," Sahney said in a statement.

He also said that the Arab world is part of India's extended neighbourhood and New Delhi's total trade with the region stands at USD 160 billion.

He added that India being a large agri-economy can contribute to the food security of the Arab world by enhanced exports of agri products and horticulture.

Sahney said there is huge potential for Indian exports of agri products such as rice in this region.

He also said that India should enter into a long-term offtake agreement of fertilisers with Arab countries like Qatar, which are rich in gas and can assure steady and secured supplies in a short time to Indian farmers.