India's exports to UAE can be 'doubled'

India's exports to the UAE can be doubled if economic relations between the two countries are fully exploited, and the UAE must look afresh at India, the head of India's apex industry body said.

An exclusive Indian trade exhibition in the UAE and a similar UAE exhibition in India is on the anvil.

K.K. Nohria, president of the India's Associated Chambers of Commerce & Industry (Assocham), told the Indian Business Group yesterday that India's exports to the UAE can grow to $5 billion annually from the current $2.5 billion if commercial relations improve.

Relationships are not fully exploited between India and the UAE and there is scope for more trade and business," he said, urging businessmen in the UAE to take a fresh look at India which has wrought many changes on the economic front since reforms were undertaken in 1991.

Foreign Direct Investment (FDI) rules have been simplified and is encouraged by the Indian Government. "You have the resources and we have the opportunities and so a greater synergy can be built to create a win-win situation," he said.

Moreover, ever since economic reforms began in the last decade, the Indian businessman's outlook has changed. Besides, the quality of products and standards of industry have gone up, he added.

Nohria said that with the Assocham signing MoUs in Dubai and Sharjah, the next step will be creating a core group with members of both countries. "We want to create this group quickly."

Following this, plans will be drawn up to hold trade exhibitions in each other's countries. "It will be an exclusive exhibition."

Indian ambassador to the UAE, K.C. Singh, said India is looking to build a new level of relationship with the UAE, apart from trade and commerce. "India likes stable, long-term relationships and wants to add dimensions to trade and commerce."