More investment from DP World welcome: Kamal Nath

Dubai, March 30 (UNI) Commerce and Industry Minister Kamal Nath has said India welcomes more investment from DP World as ''infrastructure is the need of the hour'' for the country.

Dismissing criticism against DPW taking over the Indian operations of UK's P&O, he said that the recent takeover of ports in India by DPW will not lead to any monopolist conditions.

Mr Nath made the comments after addressing a select group of leading UAE industrialists on Tuesday.

DP World has taken over three leading container terminals - Mumbai (Nhava Sheva), Chennai and Mundra from P&O and runs the Kochi and Visakhapatnam terminal.

A Dubai Ports World spokesperson said yesterday said the company was ''very focused'' on India, but declined to reveal the company's strategy for the country, The Gulf Today reported.

Mr Nath also said India was likely to sign a larger economic co-operation agreement with the six-nation Gulf Cooperation Council countries next year which will open up the services sector including the retail market.

He said negotiating groups of India and GCC countries will meet in May to discuss investment in goods and trade with the Gulf becoming India's largest trading partner in the next two years with the non-oil trade crossing 20 billion dollars.

The minister called upon the UAE industrialists to make use of the large skilled Indian workforce as UAE begins to build its infrastructure.

''India has a young workforce with 400 million in the age group of 18 to 35 compared to an aging population in China, Korea, Europe and the United States. We need to conceive a partnership whereby your infrastructure and our human resources merge to create a 'win-win' situation for both the nations,'' Mr Nath said.

''India is proactive in this region and we are ready to transfer and share our knowledge in all fields, including R&D and information technology,'' he said, refuting claims that movement of workforce from the country could create any imbalance.

Trade between the UAE and India has touched 15 billion dollars with UAE non-oil exports accounting for 4 billion dollars and imports estimated at 12 billion dollars.

UNI XC JN BD1435