The union minister of commerce & industry, Anand Sharma has said that the country is looking to strengthen its trade and investment ties with the countries in the Arab world. He sets a target of doubling the two way trade from $114 billion at present to $230 billion by 2014.

"We look at doubling India and Arab region bilateral trade by 2014. We can do it. Set your goals for investments in India," he said.

The minister inaugurated second India-Arab Investment Projects Conclave. It is a joint initiative by ministry of external affairs, in association with Federation of Indian Chambers of Commerce and Industry, the League of Arab States and the General Union of Chambers of Commerce, Industry & Agriculture.

The minister said that the country's economic growth will be around 7.5% this fiscal with high domestic consumption and healthy savings rate in the economy. He said that the country needed to go back to the growth in 9%-plus trajectory.

The partnership from Arab countries is needed to help the government's efforts to accelerate the momentum of growth. The large sovereign funds in the gulf countries could find India a suitable investment destination. India is keen to attract investment from Arab nations in sectors such as ship building, infrastructure, pharmaceutical, IT, agro-processing and energy.

The minister also outlined that India is rated as one of top three investment destinations and the returns from the country are the highest amongst the emerging economies. The Arab league has 22 members in the region including countries like Lebanon, Saudi Arabia, Kuwait, Qatar and Algeria.

Shashi Tharoor, minister of state for external affairs who delivered the key note address said that the India-GCC Free Trade Agreement must be concluded immediately to further boost the economic engagement between the two sides.