Indian investments in UAE to reach $5bln next year

Dubai, Dec 11 (UNI) Indian investments in the United Arab Emirates (UAE) are expected to reach five billion dollars next year, from three billion dollars now, an Indian industry chamber official has said.

''The UAE-Indian trade is growing year after year, and we expect that it will grow more in the future,'' Assocham President Anil K Agarwal was quoted as saying by Gulf News.

Non-oil bilateral trade between India and the UAE exceeded 14 billion dollars this year.

The increase of Indian investments in the UAE reflects the strong economic, social and political ties with the UAE, he added.

Mr Agarwal also expressed hope that India's GDP will grow more than its current 8.3 per cent in the coming years.

''Our government expects that India, the world's second fastest growing country after China, will score a new annual GDP growth of nine per cent by the end of the year.'' He said that India is planning to invest about 320 billion dollars in the next five years to develop its infrastructure, oil and gas, tourism and construction sector.

''We are aiming for the participation of the surplus of Arab countries and the UAE in particular to invest and participate in this ambitious programme,'' Mr Agarwal added.

Sharjah Chamber of Commerce and Industry Chairman Ahmad Saif Al Midfa said there are more than 3,300 Indian companies registered in the UAE, apart from thousands of joint venture companies and those who operate in free zones.

He said the GCC countries and India are expected to sign a free trade agreement by the end of 2007.

The Sharjah Expo Centre and Assocham will organise the sixth Indo-Arab Conference along with an exhibition of Indian products from January 7 to 9 next year.

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