India 'needs to end protection'

Dubai: UAE business leaders called on the government of India to remove obstacles facing foreign investors seeking to enter its market.

The call came during the visit of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to India this week.

"The Indian government needs to end protection of domestic industry and restrictions on UAE investments in order to facilitate the entry of UAE investors into the Indian market," Obaid Humaid Al Tayer, chairman of the Dubai Chamber of Commerce and Industry, told the Indian business community.

Al Tayer also called for the removal of barriers and red tape that hinder the setting up of bank branches, subsidiaries or entering into joint ventures. "For example, there are limits on the number of bank branches and UAE nationals to be hired to work in India," he said.

The DCCI chairman also called for the opening of investment in Indian stock markets to foreigners, speeding dispute settlement procedures and ensuring property rights and property title registration.

According to Al Tayer, the UAE is seeking to become a trade partner of India rather than a mere gateway for Indian exports to the region.