An Indo-Arab economic bloc may soon be set up following India’s willingness to share its technological progress with Arab countries.

“I believe such a bloc could result in the outcomes we both seek – prosperity and growth over the long term,” media reports quoted UAE Economy Minister Shaikha Lubna Al Qasimi as saying.
Indian officials said the country’s fast-growing economy needs to attract more Arab investment and in return the Arab world could benefit from Indian achievements in medical science, engineering, manufacturing, education and information technology.
The Indian economy has grown more than eight per cent annually in the last four years but poor infrastructure, especially the transport and power sectors, is hampering growth.
“India needs to spend $350 billion on infrastructure projects in the next few years,” Indian Minister for Company Affairs Prem Chand Gupta said during a visit to the UAE.
“India is keen that the Arab world plays an important role in India’s economic development. The Gulf countries with surplus resources are looking for investment opportunities. Their joining India can make the partnership ideal in many sectors,” the minister commented at an Indo-Arab business conference.
India and the GCC are negotiating a free trade agreement and the next round of talks is expected in April. However, no date has been set yet for the talks.