Negotiations on with over dozen nations for finalising BITs: Official

It is expected that in the next 3-6 months, BIT with some of these countries will be finalised and announced, the official added

- OUR CORRESPONDENT

NEW DELHI: India is actively negotiating bilateral investment treaties (BITs) with over a dozen countries, including Saudi Arabia, Qatar, Israel, Oman, European Union, Switzerland, Russia, and Australia, a government official said.

Besides these nations, talks are underway with Tajikistan, Cambodia, Uruguay, Maldives, Switzerland, and Kuwait.

These investment treaties help in protecting and promoting investments in each other's countries.

With India approaching to become the third-largest economy and a hub for global manufacturing, the government is taking a series of measures to further improve its investment regime that encourages investors.

"It is expected that in the next 3-6 months, BIT with some of these countries will be finalised and announced," the official added.

The government in the last Budget has announced revamping the current model of BITs to make it more investor-friendly and attract foreign players.