INDIA & MIDDLE EAST: UAE looking to further invest in India
United Arab Emirates Minister of Foreign Trade, Sheikha Lubna bint Khalid al Qasimi said she wants to grow bi-lateral trade with India which, during the first 10 months of 2010, reached US$35.8 billion to register a significant increase from 2009 when the figure stood at $29.4 billion. “Both our countries have been implementing key economic […]
April 1, 2011
United Arab Emirates Minister of Foreign Trade, Sheikha Lubna bint Khalid al Qasimi said she wants to grow bi-lateral trade with India which, during the first 10 months of 2010, reached US$35.8 billion to register a significant increase from 2009 when the figure stood at $29.4 billion. “Both our countries have been implementing key economic and trade reforms and diversifying our income generators over the past few years, so we have had a growing appreciation for how complementary our trade approaches are with those of India’s,” she said in an interview with Global India Newswire. “Our trade partnership advanced even further when India signed the Framework Convention on economic cooperation between India and GCC states in 2005. Since then India has been actively aligning its commercial activities to match trade movements in the UAE and throughout the Gulf. Now more than ever, India has become a vital part of our international trade agenda and has become our top foreign trade partner,” she said. With the steady transition towards global economic recovery the UAE Minister said the two countries should help each other boost their commercial productivity and competitiveness to maintain their strategic positions within the global markets. This includes expansion into emerging areas such as high technology and alternative energy, on top of more traditional areas of trade cooperation such as energy, services, metal industries, real estate and construction. “The European Central Bank calls India and China the ‘twin titans for the new millennium’. This statement reflects the high importance placed by the international economic community on India’s commercial and financial influence. “By trading with India, we share its access to the global markets. On the other hand, owing to the UAE’s own strategic geographic location, we offer India a gateway to the thriving Arab markets and so we benefit from the influx of Indian goods and services to our markets,” she said. In 2009, UAE companies invested around $1.5 billion or 1.4 per cent of India’s Foreign Direct Investments in India. These investments include India’s energy, services, software, construction, and hotel and tourism sectors. But she added that India’s rapidly growing infrastructure sector is also part of its strong investment appeal. The country is expected to draw in around $1.7 trillion over the next 10 years for the development of new highways, ports and airports, metro lines, freight corridors, logistics hubs, and other related projects.