Gulf nations asked to invest in India

Gulf nations asked to invest in India

Muscat: Prime Minister Manmohan Singh on Sunday asked energy-rich Gulf countries to invest their surplus funds in India’s key infrastructure sectors.

Asia’s third largest economy is looking at boosting spending to prevent the economy from going under.

“I would call upon captains of Oman’s industry and financial companies to invest surplus liquidity into key infrastructure sectors in India. We are determined to create a hospitable climate for investment, particularly foreign investment from friendly countries like Oman," Singh said addressing Omanese business community here.

The two nations had on Saturday evening signed an agreement to set up India-Oman Joint Investment Fund with an initial seed money of $100 million (Rs478 crore) that would eventually go up to $1 billion for investments in infrastructure, tourism, health, telecom, utilities, urban infrastructure and other sectors.

Separately, India and Qatar will sign landmark defence and security agreements when the Prime Minister visits the gas-rich nation late on Sunday. Singh will meet Qatar’s Prime Minister Sheikh Hamad Bin Jassim Bin Jabr Al-Thani for delegation level talks on enhancing cooperation in trade, defence and energy, officials said.