JOIN USThe Indo-Arab Chamber of Commerce (IACC) said here on Friday that it plans to come up with a 400-acre “Arab Investment Region” to enable focussed investments from Arab investors.
Addressing reporters at the IACC event Transcending Arab Borders” or TAB 2013, the chairman of IACC, S Krishna Kumar said, “The region is likely to come up at NH-7 and focus on hospitality, agriculture and small enterprises.”
He added that a project report in this regard will be finalised in about three months, but was non-committal on the likely difficulty that he would encounter in acxquiring land.
IACC comprises 330 corporate members, of which about 120 are Arab companies, he added.
Earlier, at TAB 2013, that was attended by about 40 delegates from 11 countries, minister of state for micro, small and medium enterprises, K H Muniyappa, who inaugurated the event, said, “India has traditionally enjoyed trade and friendly relations with Arab countiries. Today our total bilateral trade with Arab countires is over $ 110 billion and the region is home to 4.5 million Indians and caters to 70 per cent of our energy imports.”
Meat from Bangalore
If an initiative to set up exclusive farming facility near Bangalore works out as planned, Omanis would well celebrate their Bakrid next year with meat exported from here, according to the Indo-Arab Chamber of Commerce (IACC).
“The plan is to set up the farm at Bagepalli, Chikballapur district, near Bangalore. Al Bariz Trading has evinced interest in the project, estimated at about Rs 13 crore. The farm will be a dedicated facility to raise sheep for meat to be exported to Oman. If the project takes off as expected, we believe that about 50,000 kg of meat will be exported from here to Oman next Bakrid,” the executive director of IACC, Asif Iqbal said at TAB 2013.
The project, which is being advised and facilitated by IACC, will be implemented in about a year's time, he added.
Iqbal said that Oman imports about 98 per cent of its food products from abroad, of which 70 per cent is from India.