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2013-08-26

23 Arab states plan investment region in Bangalore for MSMEs

Investors and entrepreneurs from 23 Arab states plan to build an exclusive investment region near Bangalore with world class facilities for MSMEs in diverse sectors of the economy.

Investors and entrepreneurs from 23 Arab states plan to build an exclusive investment region near Bangalore with world class facilities for MSMEs in diverse sectors of the economy.

 

S. Krishna Kumar, Chairman, Indo-Arab Chamber of Commerce (IACC) on the sidelines of a trade meet in Bangalore said, “We plan to build an Arab Investment Region (AIR) in about 400 acres of land near National Highway seven (NH7) and closer to the Bangalore international airport at Devanahalli as investors and entrepreneurs from Arab states are keen to set up MSMEs for exports.”

 

The IACC will soon approach the Karnataka government for regulatory approvals to build the region with an integrated township and an ecosystem that will also facilitate local investors to set up MSMEs that will export primarily to Arab states.

 

Earlier, about 40 delegates from the Arab states, participating in the day-long conference on 'Transcending Arabian Borders' (TAB 2013), organised by the IACC, expressed willingness to invest in the region.

 

“The Arab investors and entrepreneurs are interested in setting up MSMEs, which will cater to their respective states in diverse sectors spanning information and communication technology (ICT), biotechnology, agriculture, civil engineering, pharma, power, manufacturing and food-processing,” said Kumar.

 

Though there is no dearth of funds in the petro-rich Arab states, absence of agro-climatic conditions, lack of natural resources, shortage of skilled manpower and want of domain expertise in the new sectors of the economy have put paid to their efforts to become self-sufficient in food grains production, manufacturing and services.

 

With offices in Dubai and Muscat in Oman, the IACC has about 330 members, including 130 from Arab states, who jointly generate about Rs 100 crore trade comprising merchandise, engineering goods and services.

 

The participating Arab and African states include Bahrain, Brunei, Egypt, Iran, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Somalia, Sudan, Syria, Tunisia and UAE.

 

"Our Indian members and entrepreneurs, especially in the MSME sector can also explore investing in the Arab world through the GCC (Gulf Cooperation Council), as the sector plays a vital role in improving the quality of life in both societies,” said Asif Iqbal, Executive Director, IACC.

 

Union Minister of State for SMEs K H Muniyappa inaugurated the conference.

 

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