Qatar to invest $5 billion in India

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Qatar to invest $5 billion in India


ON BOARD PRIME MINISTER’S SPECIAL AIRCRAFT: Fresh from inking a pact on a joint investment fund with Oman, India has also secured an understanding from Qatar for investing $5 billion in energy-related sectors.

The discussions with the top leadership of both the countries on channelling their surplus funds to India is part of the government’s strategy to ensure that the needs of the infrastructure sector continue to be met despite the global credit squeeze.

“We discussed the modality of Qatar investing about $5 billion in India. In the next two to three months, we will work out the modalities to identify projects in the areas of energy, power, fertilizer and other related activities to enable the government of Qatar take firm decisions about the areas these investments could be directed,” Prime Minister Manmohan Singh said after wrapping up his three-day visit to the Gulf countries of Oman and Qatar.

The joint India-Oman fund, with a contribution of $50 million from each side with the scope of raising the amount to $1.5 billion, could become a major vehicle for channelising investments from Oman to India, noted the Prime Minister.

Dr. Singh termed the climate as highly favourable to widen and deepen India’s relationship with the Gulf countries.

“At a time when the global economy is hit by crises, there are opportunities for the countries of the Gulf and India working together to promote economic trade and investment cooperation,” he felt.

The Prime Minister pointed out that the visits were in the pipeline for a long time and important not only from the point of India’s economy and security but also because 50 lakh Indians were working in the Gulf.

Remittances from Oman and Qatar alone averaged $800 million. “So our effort has been to ensure that our workers get a fair treatment, that they are well looked after besides exploring the possibility of expanded economic, trade and investment cooperation with Oman and Qatar,” he added.

In both countries, the objective was to ensure the well-being of Indian workers. In Oman, India signed an MoU on manpower which was a “significant step” in ensuring that workers from India would be treated fairly.

“This is not to say that they are not being treated well. We are grateful to Oman and Qatar for creating a hospitable environment for our workers to earn their livelihood but there is always scope for improvement,” the Prime Minister said.

Since India had been trying to negotiate a free trade agreement with the Gulf Cooperation Council, the Prime Minister felt it would be a good idea to visit the Gulf countries to request for the support of Oman and Qatar in the negotiations.

On the liquefied natural gas front, both sides agreed to consider enhancing the allocation in the next year or two.

India had earlier signed an agreement with Qatar for 7.5 million tonnes per annum of LNG of which five million tonnes are being currently made available and 2.5 million tonnes will be available by the last quarter of 2009.

The Prime Minister said the two sides also discussed the possibility of expanding cooperation in regard to supply of fertilizers and investing in fertilizer plants in India or expanding production in existing plants in Qatar with an assured market in India.

The Hindu : Front Page : Qatar to invest $5 billion in India

 

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Qatar to invest $5 billion in India


ON BOARD PRIME MINISTER’S SPECIAL AIRCRAFT: Fresh from inking a pact on a joint investment fund with Oman, India has also secured an understanding from Qatar for investing $5 billion in energy-related sectors.

The discussions with the top leadership of both the countries on channelling their surplus funds to India is part of the government’s strategy to ensure that the needs of the infrastructure sector continue to be met despite the global credit squeeze.

“We discussed the modality of Qatar investing about $5 billion in India. In the next two to three months, we will work out the modalities to identify projects in the areas of energy, power, fertilizer and other related activities to enable the government of Qatar take firm decisions about the areas these investments could be directed,” Prime Minister Manmohan Singh said after wrapping up his three-day visit to the Gulf countries of Oman and Qatar.

The joint India-Oman fund, with a contribution of $50 million from each side with the scope of raising the amount to $1.5 billion, could become a major vehicle for channelising investments from Oman to India, noted the Prime Minister.

Dr. Singh termed the climate as highly favourable to widen and deepen India’s relationship with the Gulf countries.

“At a time when the global economy is hit by crises, there are opportunities for the countries of the Gulf and India working together to promote economic trade and investment cooperation,” he felt.

The Prime Minister pointed out that the visits were in the pipeline for a long time and important not only from the point of India’s economy and security but also because 50 lakh Indians were working in the Gulf.

Remittances from Oman and Qatar alone averaged $800 million. “So our effort has been to ensure that our workers get a fair treatment, that they are well looked after besides exploring the possibility of expanded economic, trade and investment cooperation with Oman and Qatar,” he added.

In both countries, the objective was to ensure the well-being of Indian workers. In Oman, India signed an MoU on manpower which was a “significant step” in ensuring that workers from India would be treated fairly.

“This is not to say that they are not being treated well. We are grateful to Oman and Qatar for creating a hospitable environment for our workers to earn their livelihood but there is always scope for improvement,” the Prime Minister said.

Since India had been trying to negotiate a free trade agreement with the Gulf Cooperation Council, the Prime Minister felt it would be a good idea to visit the Gulf countries to request for the support of Oman and Qatar in the negotiations.

On the liquefied natural gas front, both sides agreed to consider enhancing the allocation in the next year or two.

India had earlier signed an agreement with Qatar for 7.5 million tonnes per annum of LNG of which five million tonnes are being currently made available and 2.5 million tonnes will be available by the last quarter of 2009.

The Prime Minister said the two sides also discussed the possibility of expanding cooperation in regard to supply of fertilizers and investing in fertilizer plants in India or expanding production in existing plants in Qatar with an assured market in India.

The Hindu : Front Page : Qatar to invest $5 billion in India

Serve as bridge of friendship between India, Qatar, PM tells expatriates

DOHA: Prime Minister Manmohan Singh has called upon the vast Indian community in Qatar to continue to act as a bridge of friendship between this Gulf nation and India.

"India and Qatar have several complementarities. I would like to see each one of you serving as a bridge of friendship between our two countries," Singh said while addressing representatives of the 420,000-strong expatriate Indian community in Qatar on Monday, the concluding day of his three-day Gulf tour.

Observing that their hard work contributed to mutual prosperity, he said: "Your annual remittances of $700 million to India are an invaluable contribution not only to our loved ones at home, but also to society at large," he said.

He added that the Indian government was committed to the welfare and safety of the expatriate Indian community.

Serve as bridge of friendship between India, Qatar, PM tells expatriates-Indians Abroad-The Times of India

 

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Serve as bridge of friendship between India, Qatar, PM tells expatriates

DOHA: Prime Minister Manmohan Singh has called upon the vast Indian community in Qatar to continue to act as a bridge of friendship between this Gulf nation and India.

"India and Qatar have several complementarities. I would like to see each one of you serving as a bridge of friendship between our two countries," Singh said while addressing representatives of the 420,000-strong expatriate Indian community in Qatar on Monday, the concluding day of his three-day Gulf tour.

Observing that their hard work contributed to mutual prosperity, he said: "Your annual remittances of $700 million to India are an invaluable contribution not only to our loved ones at home, but also to society at large," he said.

He added that the Indian government was committed to the welfare and safety of the expatriate Indian community.

Serve as bridge of friendship between India, Qatar, PM tells expatriates-Indians Abroad-The Times of India

India, Oman ink investment agreement

India and Oman have signed a Memorandum of Understanding (MoU) to set up an Indo-Oman Joint Investment Fund (IOJIF) with an equity contribution of US$ 100 million to fund the multi-sectoral projects. The MoU for the Fund was signed by State Bank of India and State General Reserve Fund, Sultanate of Oman.

The fund will take up the mutually agreed various projects viz.

tourism, health, telecom and utility and urban infrastructure and other sectors. The IOJIF isn’t the first major joint initiative between the two countries as the $969-million Oman-India Fertilizer Company had initiated production in 2005.

Prime Minister Manmohan Singh, who is on a two-day maiden visit to Gulf countries—Oman and Qatar from Nov 8-10, held a bilateral meeting with Oman’s Deputy Prime Minister Sayyid Fahd Mahmoud Al Said on various issues and later signed an agreement for the protection of the rights of nearly five lakh Indians employed in gulf countries. According to the agreement, no Omanese companies could alter the service conditions of their employees without their consent.

The talks between the two leaders mostly centred on increasing trade and economic cooperation.

Calling upon the Oman’s industry and financial companies to invest surplus liquidity into key infrastructure sectors in India, the Prime Minister Singh said: “We are determined to create a hospitable climate for investment, particularly foreign investment from friendly countries like Oman.”

“We will take all the necessary steps to facilitate greater trade and investment between India and Oman,” he added.

Singh said the two countries need to work in collaboration as there is vast potential for cooperation in the energy, fertilisers, IT, tourism and education sectors. The total non-oil trade, which was less than US$ 200 million in 2000, has stepped up seven fold to US$ 1.4 million this year. Singh said this figure could soon surpass US$ 2 billion.

With the initial investment of 10 crore dollars, the Joint Investment Fund will be enhanced to 1.5 billion dollars and the fund will be invested on the mutually agreed sectors. Both the countries will contribute equal amount of wealth. This fund is being believed to help both countries in tackling with the global financial crisis.

The MoU shall be valid and effective for a period of two years and may be extended on mutual consent for another similar period. The purpose of this agreement is to increase the expenditure into various sectors and to lessen the global financial slump.

India, Oman ink investment agreement

 

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VP launches Dubai Culture and Arts Authority


HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, issued a decree establishing the Dubai Culture and Arts Authority. He also issued another decree appointing HH Sheikh Mayed bin Mohammed bin Rashid Al Maktoum as Chairman of Culture and Arts Authority, and Dr Omar bin Sulaiman as member of the board and managing director in Charge.

The authority has been mandated with creating a culture and Arts infrastructure that positions Dubai as a vibrant, global city helping to shape 21st Century culture and arts in the region and the world. It will be at the forefront of the culture strategy, set out by Sheikh Mohammed as part of the overall Dubai Strategy 2015.

Dr Omar Bin Sulaiman, Board Member and Managing Director in Charge of the Dubai Culture and Arts Authority said "The Authority will build on Dubai's status as one of the most multicultural cities in the world, where East meets West, and will actively encourage Dubai's community that embraces over 200 nationalities living and working together in harmony to contribute to the culture and heritage renaissance." He added that the launch of the Dubai Culture and Arts Authority reflects Sheikh Mohammed's belief that culture and arts can make a major contribution to the social development of Dubai and the UAE. Building bridges and celebrating cultures from around the region and the world are key elements of Sheikh Mohammed's culture and heritage vision.

Sulaiman noted as developing and delivering outstanding international, regional and local cultural programming, the Culture and Arts Authority will support local and home grown talent and productions. It will work to preserve and promote local Emirati heritage, while, at the same time attracting the world's leading artists and cultural thinkers to become part of Dubai's modern renaissance. It will also promote and export Dubai's arts and culture to the region and the world.

The board of directors consists of Mohammed Al Murr, vice chairman, Dr Omar bin Sulaiman as member of the board and managing director in Charge, and members of Sheikh Majed Jaber Hamoud Al Sabah; HE Reem Ibrahim Al Hashemi, Paulo Coelho, Kito Mark Antonio De Boer, Omar Obaid Ghubash, Abdul Hameed Mohammed Juma, Yasser Saeed Hareb, Dr Aisha Khalifa Bulkhair, Dr Lamees Hamdan Al Shamsi, Shamsa Majed Quraiban, and Saeb Eigner.

The authority will develop a world-class arts and cultural infrastructure in Dubai. It will focus on creating an environment for creativity and innovation in visual arts, theatre, music, literature, poetry and various other arts. Several new cultural, arts and heritage entities will be created to drive innovative programs in all culture areas by working directly with leading global partners, arts organisations and Dubai's multicultural communities, will also be established.

A key part of the authority's work will be to incorporate arts and culture into the daily lifestyle of Dubai and use the arts to create synergies between Dubai's different cultures and to build a strong, unique cultural identity for all of Dubai. – Emirates News Agency, WAM

VP launches Dubai Culture and Arts Authority UAE - The Official Web Site - News

 

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India, Saudi Arabia initiate key economic measures to boost relations


Bilateral Investment Promotion and Protection Agreement ratified

Steps to promote cooperation in the field of defence


RIYADH: India and Saudi Arabia have adopted key measures to propel an economic partnership and pave the way for a strong multifaceted relationship.
Talks between the visiting External Affairs Minister, Pranab Mukherjee and his Saudi counterpart, Saud Al Faisal, resulted in an agreement on establishing a Saudi-India investment fund. This corpus would help kick-start investments in major projects, diplomatic sources said.

Mr. Mukherjee reiterated that India required an investment of around $500-600 billion to build its infrastructure. This included construction of roads, railways, ports, airports as well as petrochemical plants.

Keen to encourage movement of business travellers, a decision has been taken to issue long-term visas to businessmen. The application of these visas would be routed through the apex chambers of commerce of the two countries. The External Affairs Ministry spokesman said the participation of the chambers would ensure that only “genuine businessmen” availed this facility.

A major legal impediment to closer business ties was also removed on Sunday when the Bilateral Investment Promotion and Protection Agreement was ratified.

The spokesman said that a legal regime is now in place and the stage has been set for the economic relationship to take-off. “I think we have now regained the momentum to push forward the Indo-Saudi relationship. Both countries are now impatient to translate the goodwill into concrete mega-projects,” a diplomat who did not wish to be named said.

Acknowledging India’s efforts to acquire energy security, Prince Saud invited Indian companies to identify specific projects in Saudi Arabia, following an interaction with major Saudi oil majors including the State-run Aramco.

Both leaders agreed that private sector participation should be encouraged. So far, India’s Reliance industries has reportedly expressed an interest in establishing the proposed Jizan refinery in south-west Saudi Arabia. Saudi Arabia has established several “economic cities” in the Kingdom mainly to promote domestic and foreign investments.

The talks covered the security situation in the region in detail. Discussions covered the volatile situation in Iraq, the developments in Iran, Afghanistan and the Palestinian territories. Mr. Mukherjee also apprised Prince Saud about India’s perception about Pakistan following the recent parliamentary elections. He added that he would be visiting Islamabad later in May.

Both countries have also taken early steps to promote cooperation in the field of defence.

The Hindu : Front Page : India, Saudi Arabia initiate key economic measures to boost relations