Gulf region has a special focus in India's foreign policy as New Delhi has a vital stake in its stability, security and economic well-being in view of diversification of maritime linkages between the two.
Gulf region has a special focus in India's foreign policy as New Delhi has a vital stake in its stability, security and economic well-being in view of diversification of maritime linkages between the two, minister of state for external affairs Shashi Tharoor today said.
Inaugurating a seminar on 'maritime linkages between India and the Gulf - Old Foundation, New Perspectives', here he said it was satisfying to note that India-Gulf maritime linkages had not only continued but strengthened in the recent past.
'The maritime linkages have transformed and diversified into several linkages such as political, economic, strategic and cultural, investment and the significant contribution of the Indian diaspora - large plurality of which is the state of Kerala- to well being of both India and the Gulf'.
'This has meant that the Gulf region is an area of special focus in India's foreign policy and India has a vital stake in the stability, security and economic well-being of the Gulf', he said.
The bilateral trade between India and Gulf Cooperation Council (GCC) countries had reached nearly USD 100 billion in 2009 making the GCC, as a block, the second largest trading partner of India after the USA, he said.
Gulf countries, due to the prevailing buoyancy in oil prices, have large investible surpluses, he said, adding some estimates suggest that they are around $4-4.5 trillion, amounting to more than half of the global soveriegn wealth funds in the world.
Tharoor said 'We would like to see that these funds increasingly come to India, which offers investors from the Gulf security of their investments as well as high and enduring returns'.
In addition, the estimated four to five million Indians in the Gulf countries transfer about $30 billion in remittances to India annually, he said.
On the emerging maritime security environment, he said it had deep significance in terms of the need to protect the Exclusive Economic Zone of two million square kilometres, to ensure security from attacks through this sea and development of close relations with Gulf nations.
India and the countries of the Gulf were having a shared view of peace and prosperity in this region, he said, adding many of the Gulf countries look upon New Delhi as "a friendly and benign neighbour" on which they can depend in times of difficulty and need.
Traditional Naval powers continue to rely upon their sea-control assets while emerging powers are developing sea-denial capabilities, he said, adding 'all this is leading to the emergence of a new international maritime order, one that is characterised by a great deal of flux'.
'It is clear that our maritime policies will be one of the major determinants of success or failure in our attempt to transform India into a modern, plural, open, advanced country that is both secure and prosperous, Tharoor said.
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