India, UAE work towards better trade relations

Dubai, June 16: UAE Minister of Economy and Planning Sheikha Lubna al Qasimi has said trade and investment relations with India are poised for higher growth.

Delivering the keynote address at the India Gulf Partnership Summit in Dubai yesterday, Ms Lubna hoped the forum would contribute to further promote stronger bilateral ties. Private sector investment and diversification would accelerate trade, and include media and entertainment services in the bilateral business package, she added.

The summit was a high-level gathering organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Dubai Chamber of Commerce and Industry (DCCI).

The sessions was attended by India's Junior Minister for Parliamentary Affairs Suresh Pachauri, FICCI President Saroj Kumar Poddar, former UAE ambassador to India Mirza al Sayegh and a number of other high-ranking dignitaries.

Mr Poddar said although the UAE is India's second-largest trading partner after the US, and despite sizable investments by local companies such as Emaar, DP World, Dubai Aluminium and the Abu Dhabi Investment Authority, the size of UAE investment in India falls far short of its potential.

He suggested India and the UAE should join forces to achieve a trade that exceeds Dhs110 billion (30 billion dollar) by the year 2010.

Dubai's non-oil trade with India reached over Dhs38.2 billion in 2004 including the free zones. Its re-exports to India were Dhs11.62 billion, Dubai exports to India were Dhs2.1 billion, while its imports from India were Dhs17.64 billion in the same year.

UNI