'India-UAE trade could be no. 1 in region'
Mar 26, 2007 - 5:22:28 PM
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Calling India 'one of UAE's major trading partners,' she spoke about real estate boom in the UAE and identified construction, health, tourism and financial services as major areas of bilateral cooperation between the two countries.
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By IANS,
[RxPG] New Delhi, March 26 - UAE Vice President and Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum Monday called for raising India-UAE bilateral trade to 'number one' position in the region.
'We want to be number one, and not second. If we join forces together, we will be number one,' Sheikh Mohammed, also the Ruler of Dubai who is known for transforming the entrepot into a global tourism and investment hub, told top business honchos at Hotel Shangri-La here.
He was referring to China's surging bilateral trade with the UAE, estimated at around $14.2 billion, making it the largest trading partner of the Gulf Cooperation Council in the region. Compared to that, India's two-way trade with the UAE is estimated at around $11 billion.
Sheikh Mohammed, on his first official visit here, underlined close and historical ties between India and the United Arab Emirates as he showcased the UAE as 'the gateway to markets in the region.'
Sheikh Mohammed, statesman, poet and an international figure in horse-racing, recalled his long affair with India dating as far back as 1974 when he came here with his father as a young man.
'When my father came here, he had many friends and he enquired from them about their families. From that day, I admire India and its people,' he said.
'I am pleased to say that in the last 3-4 years, India has more than doubled its investment in the UAE.'
Earlier, Sheikh Mohammed, who began his two-day visit Sunday evening, was given a ceremonial reception and an inter-services guard of honour at the Rashtrapati Bhavan, the presidential palace, after being warmly received by President A.P.J. Abdul Kalam and Prime Minister Manmohan Singh.
'The future is bright. Nothing will stop us from being the leader. You have a great history, culture, writers and poets. We have the same,' he stressed.
Commerce Minister Kamal Nath lauded Sheikh Mohammed as a 'visionary leader' responsible for transforming Dubai into a top investment destination.
'We look at you not only as a leader of the UAE but also as a leader of the region,' said Kamal Nath as he spoke about an 'organic relationship between India and the UAE' - home to about 1.4 million Indians.
Three memorandums of understanding - between top Indian and UAE companies were also signed in the presence of Sheikh Mohammed. An MoU was signed between the Hinduja group and Dubai World, the UAE's biggest industrial conglomerate.
Another MoU was signed between DLF and Al-Nakheel, the UAE's top real estate company for mega real estate ventures in India. Wipro, India's IT major, signed an MoU with a UAE company for a major collaborative project.
Kamal Nath also spoke about winds of change and wide-ranging reforms that have transformed the Indian economy since Sheikh Mohammed last visited India. 'New synergies and opportunities are there as never before,' he said.
'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 in 2006,' he added.
UAE's Minister of Economy Sheikha Lubna al Qasimi, the only woman cabinet minister in the Gulf country, was eloquent about 'successful economic modernisation and diversification' of the economy of the emirates that has made it 'a magnet for the FDI.'
'By judicious use of oil wealth, we have created infrastructure and top-notch services that have created a favourable investment climate in the UAE,' she stressed.
Calling India 'one of UAE's major trading partners,' she spoke about real estate boom in the UAE and identified construction, health, tourism and financial services as major areas of bilateral cooperation between the two countries.
A number of economic agreements will be signed after Sheikh Mohammed holds talks with Manmohan Singh at the Hyderabad House here in the evening.
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