India Trade Centre to come up on Sharjah border
New Delhi, Mar 28: An India Trade Centre to come up in the United Arab Emirates (UAE) on the borders of Sharjah and Dubai will facilitate India's exports to the Gulf region.
This was agreed at an interaction between Mr Kamal Nath, Union Minister of Commerce and Industry and the Indian Business and Professional Council (IBPC) at a reception in Dubai last evening, which was attended by over 300 non-resident Indian (NRI) representatives of IBPC, based in the Gulf region.
The Trade Centre would be largely business-driven and show-case India's products and capabilities in different fields, the Minister said.
Mr Kamal Nath, who is currently on an official visit to the UAE and Muscat, also had a successful meeting with Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, this morning.
During the discussions, Mr Kamal Nath conveyed to the Ruler of Dubai India's concern over a new UAE law which stipulated that no company could have more than 34 per cent of its personnel from any one nationality and that beyond this limit, the visa fee would be five times the normal fee, thereby making the company commercially unviable.
Mr Kamal Nath pointed out that such a legislation impacted unfairly on India. The Ruler of Dubai appreciated the point and assured him that he would have the matter looked into .
The UAE market is important for the opportunities it provides as a major sourcing centre for important markets such as Iran, Iraq, Africa, CIS countries etc. This emergence of UAE as a re-export centre is reflected in India's growing trade.
In 2004-05, India's exports to the UAE crossed seven billion dollar with a 38.48 per cent growth rate while India's imports from the UAE also grew by an impressive 122.46 per cent to reach 4.5 billion dollar.