UAE Ministry of Economy discusses stronger India-UAE bilateral ties with Indian Minister of Commerce and Industry

The UAE Ministry of Economy Thursday, April 24, 2008 received Indian Minister of Commerce and Industry Mr. Kamal Nath in its Dubai offices to discuss the strengthening of bilateral business and economic relations between the UAE and India.

Minister Nath met with Minister H.E. Eng. Sultan Bin Saeed Al Mansouri and other key Ministry officials including Undersecretary H.E. Mohammed bin Abdulaziz Alshihhi; H.E. Humaid Bin Butti Al Muhairi, Assistant Undersecretary for Companies & Control Affairs; Dr. Hashem Al Nuaimi, Director of the Consumer Protection Department; and Said Abdullah Al Roken, Director of the Department of Industrial Development.

A key issue was the improvement of private sector relations, particularly the enhancement of industrial sectors.

Indian representatives encouraged UAE companies to invest further in their countries in areas such as food processing and storage and infrastructure development; H.E. Al Mansouri affirmed the existence of various significant investment opportunities in India. The attendees also discussed the development of India's airports and the resolution of certain banking issues, as well as the enhancement of India's small and medium sized businesses.

Another important topic discussed was food security. Both parties discussed trade policies on food commodities such as Basmati rice, and the setting of monthly UAE supply requirements to ensure that the country acquires sufficient supplies of basic food items. They also talked on the enhancement of imports and exports between the two countries in general. The group explored the possibility of holding alternating meetings in either country every six months to follow up on the matters discussed and focus on new areas.

H.E. Eng. Al Mansouri said: "We currently maintain very healthy relations with India; bilateral trade between our countries, excluding India's crude imports, is currently at AED 69.78 billion and is expected to grow further by 30 per cent in 2010. Both our countries are witnessing rapid economic growth, so forming a strong partnership to leverage our unique strengths will help attain our mutual goal of sustainable development."

India is in the midst of an economic upsurge, highlighted by a stable 8 to 9 per cent annual growth; climbing foreign exchange reserves; steadily expanding foreign direct investments; and a burgeoning capital market. The country has thus evolved into the second fastest growing major economy in the world; Minister Nath discussed the factors that have contributed to this achievement and enhanced India's contacts with UAE government and business leaders during his tour.

Minister Nath's busy agenda included speeches at a luncheon meeting discussing India's economy and business prospects hosted by the Emirates Banker's Forum 2008, and a special event hosted by Ambassador Ahmad, the Dubai Chamber, and the Federation of Indian Chambers of Commerce and Industry titled "India and the Gulf - New Engagements for the 21st Century." He also discussed business opportunities in India with members of the Indian Business and Professional Council in Dubai.

"The UAE remains our strongest trading partner in the West Asia/North Africa region, representing around 70 per cent of our exports to Gulf countries. The productive talks I have had with business and industry will hopefully attract more investments and joint ventures that will help boost India-UAE trade to more than Dhs91.82bn in 2010," concluded Minister Nath.