Dubai: Dr Bharat Butaney, President of the Indian Business and Professional Council (IBPC), leads the largest business community in Dubai. The IBPC is dedicated to the promotion of trade and business relations between Dubai and India.
The history of the UAE's trade is intricately linked to that of India. India, in many ways, helped shape the trade of the then Trucial States, whose currency, the rupee, was in circulation before the Gulf states launched their own currencies.
India is one of the two largest trading partners of the UAE. Dr Butaney gives his views on UAE-India trade relations. Excerpts:
Gulf News: How do you see the contribution of the Indian business community in Dubai?
Dr Bharat Butaney: The relationship goes beyond business interests. Our bonds are based on tradition, history and heritage.
Indians have contributed to the evolution of every sector of the community. Indians and Indian companies have been at the core of the development of infrastructure. Last year's UAE-India trade volume topped $67 billion (Dh246 billion) India-Dubai trade accounts for almost 80 per cent of this. When it comes to foreign direct investment India is the third largest investor in the UAE and the UAE is the tenth largest investor in India.
What are the sectors Indian businessmen invest more in Dubai? And where do you see opportunities?
They are there in all possible businesses like real estate, construction, manufacturing, shipping, telecom, health care and banking
What are you doing to attract more Indian businesses to Dubai?
Apart from several manpower agreements between the two countries, talks are ongoing regarding a Free Trade Agreement with the GCC region. This will have a tremendous impact on Indo-Dubai business as well.
How do you evaluate business ties between India and the UAE?
Pearls used to be the main commodity of exchange. Today gold, petroleum and metals are the major exports from Dubai to India. Gems, vehicles and automotive spare parts are the main re-exports from Dubai.
Any figures that reflect the strong ties between India and the UAE?
Bilateral trade grew by 300 per cent in the last five years with the UAE emerging as India's top trading partner, representing 60 per cent of India's export to GCC countries in 2009-10.
