New Delhi: External Affairs Minister Yashwant Sinha said on July 8 trade and economic cooperation has now become an important part of India's foreign policy and the country is now in a position to increase its financial assistance and investments abroad, which was only $ 3 billion during 1995-2003.

"Trade and economic cooperation continue to constitute an important part of our foreign policy. In every area of economic activity, we are willing to become partners not only with developing countries but also with developed nations," Sinha said at a Confederation of Indian Industry (CII) function for launching the 'India 2003-04: Reliable Business Partner, Attractive FDI Destination' report on July 8.

Stressing on two-way movement of investments, he said, "Gone are the days when India was only looking for Foreign Direct Investments (FDI) rather than (investments) going abroad. We are looking for a 2-way street in terms of flow of investment and technology."

India would like to share its expertise in software, biotech, nuclear and fundamental research with developing and developed nations.

"Wherever there is a possibility, we will like to give and take assistance and technology," he added.

He said that Indian companies have invested about 3.0 billion dollars in overseas markets during 1995- 2003. "Our foreign direct investment in US was about one billion dollars, it was 668 million dollars in Russia and 324 million dollars in UK," he said.

The External Affairs Minister admitted that he was talking about trade and economic cooperation more than when he was Finance Minister.

PTI