Emirates invited to invest in India
United Arab Emirates-India, Economics, 3/26/2007

Indian Minister of Commerce and Industry, Kamal Nath, today invited the United Arab Emirates to invest in India.

"Investment requirement in Indian infrastructure sector estimated at $350 billion during the next 5 years and the UAE is invited to take part in investment projects in India." Addressing a Business Meeting with visiting Sheikh Mohammed Bin Rashid al-Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, Kamal Nath indicated that foreign direct investment (FDI) inflows into India was likely to touch $15 billion during 2006-07.

He also said that Indian trade with the UAE had more than doubled in the last few years. "Indeed, it is a matter of pride for us that India has emerged as Dubai's largest export destination ahead of Pakistan, Iran and Kuwait, and trade between India and Dubai was pegged at nearly 11 billion dollars in 2006," he added.

"Advantage India stems from various factors. I would like to start with the macro economic indicators. We have been able to sustain high rates of economic growth averaging over 8 percent in the last three years. The GDP growth during the current fiscal year is projected to be 9.2 per cent. We are targeting growth rates of 9 per cent in the next five-year plan, commencing from 2007-08. Our industrial production has grown over 10 percent and the manufacturing production registered a growth of 11.5 per cent during the current year.

"The services sector growth is projected at about 11.2 percent during the current fiscal. FDI equity flows which was only $5.5 billion last year grew by 100 per cent in the 1st half of this year.

FDI is expected to touch $15 billion during 2006-07. Foreign exchange reserves are over $190 billion. Most of these indicators sketch the healthy macro economic fundamentals of the economy," the Minister said.

The UAE Prime Minister is accompanied by a team of seven ministers and a high-level business delegation.

During the visit, the two sides are expected to sign a double taxation protocol amending an agreement which already exists between the two countries. A visa avoidance agreement on government officials and diplomats holding passports of either of the two countries may also be signed to facilitate their visits.

Agreements on customs cooperation, combating international terrorism and money laundering will be high on the agenda of talks between India and United Arab Emirates (UAE).

The two sides will also discuss the exchange of prisoners in addition to the existing extradition agreement.

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