India, United Arab Emirates to Form Joint Business Council
(albawaba)Joint efforts of the UAE Federation of Chambers of Commerce and Industry and the Federation of Indian Chambers of Commerce and Industry are expected to 'give birth' to a Joint Business Council (JBC).
A proposal for this type of council was reportedly presented in 1996, yet it
was only recently approved at a recent board meeting of the UAE Federation of Chambers of Commerce and Industry, Khaleej Times reported.
"We expect bilateral economic relations to further pick up pace in its strides with the show of interest from both sides in setting up Information Technology parks, petrochemical projects and other investment proposals that go beyond the conventional sectors of trade and commerce," a source at the Indian Embassy said.
The JBC will provide much growth and development of the small and medium scale industries. Bilateral trade between the UAE and India rose in the 1999-2000 fiscal year, with exports from India registering a 16 per cent rise over the previous year and imports from the UAE up by 30 per cent. The value of Indian exports between April 1999-February 2000 stood at approximately Rs 82.4 billion compared to Rs70.8 billion for the corresponding previous period. Ready-made clothing comprised the majority of the export increase from India, jumping to Rs13.8 billion from Rs10.4 billion for the above period.
The United Arab Emirates is keen to forge a stronger relationship with India
in diverse fields, especially the information technology (IT) sector in which India has made great progress in recent years. An Indian firm intends to soon set up an on-line University in Sharjah following the interest shown in the project by the Sharjah's department of economic development at an estimated cost of Rs 200 million. Many other possible joint initiatives between the CII and chambers of commerce in the UAE, including organizing training programs in India on human resource development, quality and energy are also under consideration.
© 2000 Mena Report (www.menareport.com)