Abu Dhabi: The Ministry of Foreign Trade (MOFT) has urged the private sectors in the UAE and India to tap investment opportunities generated by reforms in both countries.
In a study released Sunday, the ministry said there was a host of potential opportunities for stronger economic cooperation and joint projects between the two countries.
Cooperation
Each sector can expand cooperation due to the availability of expertise, modern technologies, energy and funds.
The study was released to mark the start of an official visit by Shaikha Lubna Al Qasimi, UAE Foreign Trade Minister, to India.
She is leading a delegation of 43 members representing ministries and federal organisations as well as local and foreign companies operating in the UAE.
Study
The study noted that the GCC-India Framework Agreement for Economic Cooperation, signed in August 2005, is a platform for expanding and liberalising trade relations including initiating discussions on the feasibility of a Free Trade Area (FTA) between the two sides, as well as for making arrangements for the establishment of joint investment projects and facilitating corporate investments in a wide range of activities.
The six member states of the Gulf Cooperation Council (GCC), Saudi Arabia, Qatar, Bahrain, Kuwait, Oman and the UAE, receive over 11 per cent of India's total exports, the ministry's study noted.
