IMF forecasts $700 billion investments in Gulf within four years

[Owais]

IMF forecasts $700 billion investments in Gulf within four years

DUBAI: In three to four years $700 billion are expected to be invested in the oil and gas sector, infrastructure, and real estate projects in Gulf countries, a forecast by International Monetary Fund said.

Mohsin Khan, Director of the IMF's Middle East and Central Asia Department, said the projects would enhance growth and employment, and help narrow the region's large external surplus.

"In addition, oil projects will boost production and petroleum refining capacity, and so help promote global oil market stability," he said.

He said growth in the region will continue to outpace global growth and should average 6-7 per cent in 2006 and 2007.

 

[zpak]

Where is Pakistan in all of this? I lived in the Gulf and all I see is Indian government reaping the benefits investing in the region. Take Qatar for example. Qatar is the next Dubai everyone. Indian workers, both skilled and unskilled dominate the workforce there. Indian businessmen own some the largest restaurants and chains in the country in partnership with the local Qataris. Massive gas contracts have been signed between the two nations. India plans to buy second hand Mirages off of them soon.

Where is Pakistan? The only Pakistanis you actually see are mostly unskilled Afghanis with Pakistani passports. Where are the businesses and skilled labor force??

 

[sigatoka]

There are two sides to every coin, why isnt India investing more in its own country where the infrastructure is so pathetic rather than in much more developed Gulf?

 

[zpak]

Not necessarily. The Indian government is not investing in the Gulf as much as Indian companies are managing to land lucrative multi million dollar contracts. THis benefits the Indian economy greatly by:

1) THey get the cash first off
2) Indian companies bring out and hire indian labor both skilled and unskilled.
3) Indian workers than send remittances in the billions back to India.
4) Greater influence on Gulf economies. (hence greater political influence)
5) Indian companies usually order raw materials and other items from India hence Indian exports increase.

The list is great. I blame the embassies in these countries for being inept in identifying and acting upon great business oppurtunities in the region.

 

[zpak]

With regards to infrastructure. I dont think any country needs to invest in the Gulf for that. Majority of the investment is from the Gulf countries themselves. Its the foreign countries that come in and manage to land the construction and development contracts that benefit the greatest. This is what India is excelling at in the region.

About their infrastructure, thats a separate issue altogether.

ndian infrastructure may be bad, but they aren't stupid. They have realized the importance of infrastructure and they are addressing the issue and allocating plenty of cash. I as a Pakistani wish our embassies were more capable.

 

[Neo]

With regards to infrastructure. I dont think any country needs to invest in the Gulf for that. Majority of the investment is from the Gulf countries themselves. Its the foreign countries that come in and manage to land the construction and development contracts that benefit the greatest. This is what India is excelling at in the region.

I second that.

 

[zpak]

Oh yaar Neo you should go to some of the news sites from Khaleej countries, like gulf-times.com or khaleejtimes.com. Often you'll find the Indian embassies and ambassadors in the Gulf hard at work trying to get Indian businesses contracts as well as securing more jobs for their labor market.

But when it comes to Pakistani ambassadors and embassies... "Pak Embassy Holding Function for Dead Urdu Poet" or "Pak Ambassador entertains visiting Pakistani Musician" I mean come on!:wall:

 

[Neo]

Point taken Zpak!
I agree there's room for improvement for us.