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Volume 41 Issue 12
13
OAPEC Member Countries
Petrochemicals, and Renewable Energies”
held on Thursday 19 November 2015.
Keynote speakers included Engineer Ahmed
bin Ali Al Ibrahim, CEO, Gulf Cooperation
Council Interconnection Authority (GCCIA),
Mr Shri J.B. Mohapatra, Undersecretary,
India’s Ministry of New and Renewable
Energy, and Mr Sharif Habib Al Awadhi,
Director-General of Fujairah Free Zone
Authority.
HE Al Naqi opened the workshop
with a speech on the position of the GCC
countries in the global oil markets. He also
gave a summary on a study prepared by the
Secretariat General on the energy balance
in India and the potential implications for
OAPEC member countries.
HE Al Naqi said that the GCC countries
enjoyed a prime position in the Indian
strategy, as GCC countries secure more than
70% of India’s energy needs. GCC countries
also invest in Indian companies, factories,
and economy. Reciprocal recognition has
been increasing as the total size of the
trade between the GCC and India in 2014-
2015 surpassed $133 billion; apart from
employing millions of Indian labour in the
region. He added that the Indian labour’s
financial transfers and Indian companies’
interests are witnessing strong growth in the
GCC countries.
At the end, the forum issued a number of
recommendations including:
• Forming a joint coordination
committee to follow up on economic
cooperation developments between
the two sides
• Boosting partnerships between the
two sides in the various economic
sectors
• Encouraging the private sector in the
GCC to benefit from the Indian human
force in IT
• Boosting cooperation in agriculture
and food security
• Boosting cooperation and joint
investments in the medical sector