Dubai: A large Indian trade and commerce delegation headed by Minister of Commerce, Industry and Textiles Anand Sharma is in the UAE on a two-day visit to hold a high-level meeting on investment.
“UAE’s investment in India is very low and it is important to take stock of the opportunities,” the minister said on Sunday at an event hosted by Indian Business and Professional Council (IBPC).
The event was also chaired by UAE Minister of Foreign Trade Shaikha Lubna Al Qasimi and Rajan Mittal, President of Federation of Indian Chambers of Commerce and Industry (FICCI )and managing director of Bharti Enterprises.
Sharma said that trade with Gulf countries are expected to soar to $175 billion (Dh642 billion) this year compared to $145 billion last year.
Bilateral trade between India and UAE during 2011 stood at $71.58 billion. In 2012, the trade stood at close to $74 billion.
“We view the UAE as our economic gateway to the entire Gulf region, but UAE investment is far less than the potential of ties between the two countries. We need to invest in each other’s economies and develop long-term investment partnerships,” Sharma said.
The plan to set up a joint task force on investments was agreed during a high-level event held in New Delhi in June 2011.
Important role
“India is our biggest trade partner and occupies 20 per cent of our total foreign trade volume. We are the best partners,” Shaikha Lubna said.
“UAE’s trade with non-Arab Asian countries in 2011 represents 50.5 per cent of our trade volume, of which India plays an important role. Trade with European countries represent 20.1 per cent while trade with US represents just eight per cent. Trade with Gulf represents 6.8 per cent while with other Arab countries represents 5.7 per cent,” Shaikha Lubna said.
The first meeting, which takes place on Monday, will include industry leaders from both sides.
“India needs $1 trillion investment in infrastructure sector in the next five years and bulk of these are expected to be in the form of equity, where FDI from countries such as the UAE would be welcome,” Mittal said.
He said that our partnership can flourish further and wants “Indian telecom companies to be allowed into the UAE.”
“We have a unique business model and the UAE should take advantage of it,” Mittal said.
