Dubai, India to explore new investment opportunities

The Confederation of Indian Industry (CII) and the Department of Tourism and Commerce Marketing (DTCM) of Dubai on Monday signed a Memorandum of Understanding (MOU) to step up bilateral economic and industrial initiatives between the two sides in the potential areas of IT, food processing, consumer goods and gems and jewelry, reported the Indian news agency PTI.

Calling it as Dubai's first initiative to provide the much-needed fillip to the relation of the two nations, DTCM's Manager (overseas promotion) Ibrahim Ali said "we see immense potential in this partnership. CII represents the interest of Indian companies and Dubai-- one of the seven emirates forming the United Arab Emirates-- offers a vast range of lucrative investment potential opportunities."

The memorandum provides for the exchange of information and data on economic and industrial development and providing assistance to the companies of both countries, wishing to establish business or investment activities. It will focus on manufacturing, trade and investment in key industries.

Ali said the trade between the two sides stood at 1.6 billion dollars and a huge potential was lying untapped. "We are very confident that Indian businessmen, too, will be able to carry further the strong tradition of business between the two nations and benefit substantially from their commercial activities in Dubai," he added.

MoU also covers mutual assistance in identifying suitable projects and partners interested in the areas of manufacturing, trading, investing and technical collaboration, besides jointly organizing meetings, seminars and fairs in both the countries.

The Department of Tourism and Commerce Marketing of Dubai also launched a nationwide roadshow here on Monday to promote trade and investment.

The roadshow will further proceed to Indian cities of Hyderabad, Mumbai and Bangalore and will showcase the investment opportunities available in Dubai.

With India emerging as an IT superpower, Dubai had identified India as an important market. Over 200 Indian companies were already based in Dubai and many Indian companies are eyeing Dubai for expanding strategies.