Doha, Qatar: Investors and corporates in India and across the Middle East, North Africa and Türkiye (MENAT) are set for a decade of accelerated opportunity, according to a new report by HSBC. India-MENAT Corridor Outlook: Harnessing Natural Synergies considers the current state of trade and investment and the key growth opportunities between India and five countries in MENAT; Egypt, Qatar, Saudi Arabia, Türkiye and the UAE.

Patricia Gomes, Regional Head of Commercial Banking, Middle East North Africa and Türkiye (MENAT), HSBC Bank Middle East, said: “Buoyed by strong mutual interests, solid economic fundamentals and enduring historical ties, corporates and investors are looking at an extensive set of opportunities in both directions.”

The Middle East’s ambitious transformation plans, and the region’s youthful demographics – more than half of whom are under 30 years age – is attracting Indian investment, at pace. Data from the International Trade Centre (ITC) and HSBC analysis show an estimated $61bn export opportunity for India to ¬the key MENAT markets, with top destinations including the UAE, Saudi Arabia and Türkiye.

India’s increasing strengths as a food and agricultural producer and exporter are re-positioning the India-GCC trade and investments relationship. Technology developments are transforming the GCC’s food and agriculture industry, and considerable sums are being invested to promote food security; the India-UAE Food Corridor has seen over US$7 billion of investment since plans were initiated in 2019.

The Indian diaspora in the GCC is deepening regional capital, talent and technology ties. Around 8.8 million Non-Resident Indians now reside in the GCC, and represent the largest real estate investors in Dubai, overtaking British expats.

Abdul Hakeem Mostafawi, CEO of HSBC in Qatar said: “Qatar offers good opportunities for more trade and investment by both corporates and investors from India. Our team of local expertise are dedicated to serving businesses and investors to reach their growth ambitions.”

Ajay Sharma, Country Head of Commercial Banking, HSBC India, said: “As free trade agreements and bilateral agreements ramp up between India and MENAT countries, global supply chains are being reshaped, and trade policies for the green transition are adapted. Now is the time for corporates and investors along the India-MENAT Corridor to explore the latent potential for further collaboration.”

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