UAE urges private sector to invest in India


Dubai, Feb 8 : The UAE Ministry of Foreign Trade has urged the private sector in the country and India to tap investment opportunities
generated by economic reforms in both the countries.

The recommendation follows a cash-rich Qatar government proposal early this week to invest up to two dollars billion in India, the second largest emerging economy in the world.

In a study released in Abu Dhabi, the ministry said there are a host of potential and various opportunities for stronger economic cooperation and joint projects between the two countries.

Each and every sector can be the venue of cooperation due to the availability of expertise, modern technologies, energy and funds.

The study was released to mark the ongoing official visit by UAE Minister of Foreign Trade Sheikha Lubna Al-Qassimi to India leading a delegation of 43 members representing ministries and federal bodies, local and foreign companies operating in the UAE.

The study noted the GCC-India Framework Agreement for Economic Cooperation, signed in August 2005, is a platform for expanding and liberalising their trade relations including initiating discussions on the feasibility of a Free Trade Area (FTA) between the two sides as well as for making arrangements for setting up joint investment projects and facilitating corporate investments in various fields.

The six member states of Gulf Cooperation Council (GCC) – Saudi Arabia, Qatar, Bahrain, Kuwait, Oman and the UAE- receive over 11 per cent of India’s total exports, the MOFT’s study noted.

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