UAE- India business ties get a boost at CII Partnership Summit

In a special address at the valedictory session of the CII partnership summit, Sheikh Saud said that UAE had emerged as one of the major economic powers in the Gulf and its association with India would bring greater prosperity to both countries.

Sheikh Saud said that he was very impressed with India's economic progress. Drawing similarities between India and the UAE, he pointed out that entrepreneurs had played a key role in changing perceptions and bringing about economic transformation in both the countries. 'Since India and UAE have a long history of profitable trade and business, the association can bring greater prosperity to both the countries,' he added.

A delegation from Ras Al Khaimah Investment Authority (RAKIA), headed by Dr. Khater Massaad, Advisor to RAK Crown Prince and CEO of RAKIA, had also attended the event to explore commercial and investment partnerships between Indian and RAK businesses.

Dr. Massaad, on his return from India, said here today that RAKIA has been able to attract USD 100 million worth investments from Indian companies to RAK during the CII partnership summit.

'The response from the Indian business community towards the investment opportunities in RAK was very enthusiastic. We are expecting Indian investments of at least USD 100 million in the manufacturing and other sectors of RAK, which have been materialized in the CII summit'.

Making a presentation at the CII summit, attended by over 750 delegates from 26 countries, Dr. Massaad had said that Ras Al Khaimah has entered a new phase of rapid growth and was perfectly placed to become a gateway for Indian companies to the Gulf region. Outlining the investment opportunities available in RAK, Dr. Massaad said the free trade zones in RAK provided attractive investment opportunities to the manufacturing industry apart from the excellent prospects held forth by the booming tourism sector of the emirate.

Ras Al Khaimah has in the recent times became an investment hotspot for Indian companies with leading firms like Ashok Leyland, JBF Industries, Dabur and Carborandum India Ltd. choosing the emirate to set up their manufacturing bases in the region.