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India to host Investor meetings in the Gulf
Wednesday, August 20, 2008

TWO investor meetings will be held in the Gulf region in November, under an Indian government initiative to help overseas Indians channelise NRI remittances into actual investments back in the country. The Overseas Indian Facilitation Centre (OIFC), a single window investment facilitation centre by the Ministry of Overseas Indian Affairs (MOIA), and the Confederation of Indian Industry (CII), would hold these two meetings in Dubai and Muscat, diplomatic sources said yesterday. These will be part of a series of investor conferences the OIFC will be holding in places across the world with significant Indian population.

OIFC chief executive Harmit Singh Sethi was quoted as saying at Sunday's meeting in Muscat that the figure of 30mn overseas Indians was projected to cross 50mn in the near future, and added that the need to offer investment channels that met their needs had become extremely important. "The products on offer would have low-risk factor, provide moderate to high returns and would have longer shelf life", he said. The investor meetings in the Gulf would showcase exclusive projects and products for the Indians abroad in broad segments, targeted not only at big ticket investments but also at the mid-level investors, the diplomat said. Stating that India's export figures were soaring and Indian companies were in the forefront of global mergers and acquisitions, the diplomat said, "To sustain the current level of economic growth, India will have to make massive investments in modernisation and development of its core sectors." He added that investments in healthcare and education were also needed to ensure that the country maintained an edge over others in terms of the quality of human resource. The initiative will surely increase NRI investment in India.



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