The External Affairs Minister Yashwant Sinha said on Tuesday that 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.

"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 the Confederation of Indian Industry function for launching the 'India 2003-04: Reliable business partner, attractive FDI destination' report in New Delhi.

Stressing on the two-way movement of investments, he said, "Gone are the days when India was only looking for foreign direct investment rather than (investments) going abroad. We are looking for a two-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 the Indian companies have invested about $3 billion in overseas markets during 1995-2003. "Our foreign direct investment in the United States was about $1 billion, it was $668 million in Russia and $324 million in the United Kingdom," he said.

The external affairs minister admitted that he was talking about trade and economic cooperation more than when he was the finance minister.