Crown Prince of Sharjah to visit India in Oct to boost trade

New Delhi, Mar 25 (UNI) Crown Prince of Sharjah Sheikh Sultan bin Mohammed bin Sultan Al Qaasimi will visit India in October this year to evolve a new mechanism so that two-way trade between India and UAE multiplies from present level of 19 billion dollars.

The prince has accepted invitation of the Assocham President Venugopal N Dhoot to visit India in October this year to address Indian Inc, said a statement.

Mr Dhoot, who called on Sheikh Qaasimi in Dubai today with a 8-member high profile business delegation, ranging from sectors like IT, Technology Parks, Higher Education and Solar Energy, extended him an invitation to visit India.

In a statement issued here, Mr Dhoot said the Prince has not only agreed to visit India but indicated that he would like to address the entire Indian business community under the aegis of industry chamber Assocham and evolve a fresh mechanism for trade.

The Assocham Chief said his Chamber and Sharjah Chamber of Commerce and Industry after meeting the Crown Prince signed four memorandum of understanding as per which Indian Inc would execute four projects in Dubai for the benefit of its people.

These projects include harnessing of solar energy and setting up of IT and technology park as also put up facilities for higher education.

A blue-print of future two-way trade between India and UAE and its projections was also submitted.

According to blue-print findings, Indo-UAE total two-way trade is likely to exceed 25 billion dollars by 2010 with trade balance remaining in India's favour in view of rising bilateral relations between the two.

Mr Dhoot said the volumes of two-way trade exclude the crude oil trade and exuded his confidence that the two countries have established a very close relationship as a result of which 33 per cent increase in two-way trade has been witnessed between India and UAE between fiscal 2005-06 and fiscal 2006-07.

The trend will continue and even intensify in future as close linkages are being established both bilaterally and diplomatically whose reflection would naturally become more visible and pronounced in the trade volumes in near future, said Mr Dhoot.

It is because of this reason the ASSOCHAM has projected that by 2010, Indo-UAE two way trade would exceed 25 billion dollars and these estimates are conservative as the trade volumes might even exceed.

In 2006-07, India's exports to UAE were over 10 billion dollars as against its imports of 7.5 billion dollars.

The areas in which India's exports to UAE are well diversified include gems and jewellery, vegetables, fruit, spices, engineering goods, tea, meat and its preparations, rice, textiles and apparel and chemicals etc.

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