UAE and India moves closer on trade front

Dubai, Mar 30: The Dubai Chamber of Commerce and Industry (DCCI) has evinced keen interest in strengthning bilateral trade and investment ties with India.

The DCCI invited a business delegation from the Punjab, Haryana and Delhi Chambers of Commerce and Industry, recently, for developing closer trade ties between the two nations.

A Memorandum of Understanding (MoU) was also signed with the Bengal National Chamber of Commerce and Industry (BNCCCI) on this occasion between President Nayantara Palchoudhury and DCCI Director General Abdul Rahman Ghanem Al Mutaiwee.

Mr Mutaiwee said such agreements provides a chance to exchange ideas, views, expertise and facilitate communication between the Dubai business houses and Indian business chambers. He hoped the MoU would lead to spurt in exchange of trade between the two countries through participation in trade fairs organised in Dubai and Kolkata, besides boosting bilateral investment opportunities.

Ms Palchoudhury said members of her chamber are interested in expanding economic cooperation with Dubai business community through strategic tie ups. She invited the DCCI to participate in the 20th Industrial India Trade Fair organised by the BNCCCI in Kolkata on December 21-31.

During a meeting with a PHDCCI delegation led by Mrs Sushma Berlia, Mr Mutaiwee reffered to the strong historical trade relations between the UAE and India and said in the past five years the trade has increased by 125 per cent. The non-oil trade between Dubai and India surged in 2004 to 31.4 billion dirhams.

He said doors are open for setting up joint ventures and investments in both countries, supported by the Dubai-based Indian Business Council, operating under the DCCI umbrella.

Mrs Berlia praised the growing bilateral relations and said the UAE is the second biggest trade partner of India in the Gulf region.

Mr Mutaiwee urged the Indian delegation to participate in the international trade exhibitions being held in Dubai every year.

Dubai's re-exports to India has reached 11.6 billion dirhams, whereas Dubai's exports to India in the same year reached 2.1 billion dirhams, Dubai's imports from India were 17.6 billion dirhams in 2004.

UNI