Partners in trade: GCC reiterates commitment to India’s chemical market

Partners in trade: GCC reiterates commitment to India’s chemical market

For thousands of years, the Arabian Gulf region has enjoyed a wellestablished tradition of trade, friendly bilateral relations, peace, and stability with the Indian subcontinent, situated just over 2,000km from the northwest coast of the Arabian Sea. Economic and business ties between the GCC and Asia's second largest economy have grown tremendously over the last half a century boosted by foreign direct investment, the export of key raw materials essential for the transformation of India into a manufacturing powerhouse, the exchange of knowhow in innovation, science and technology, and last but not least, the sourcing of a highly skilled expat and migrant workforce, which has helped to drive the rapid development of GCC economies in recent decades.GCC: A crucial trading partnerImportant segments of India's domestic manufacturing value chains, including healthcare, building and construction, automotive, information technology, and agriculture contribute immensely to India's impressive growth and job creation and will be the central pillars in the country's economic recovery in the period post Covid-19.With a population of 1.4 billion people, the world's second most populous country depends tremendously on competitively priced raw materials to supply its economically vital sectors, which cater to domestic