United Arab Emirates (UAE)-India trade is poised to exceed five billion dollars as a result of growing commercial ties, according to India's newly-appointed Consul General in Dubai YK Sinha.
Speaking at the official launch of the UAE Trade Exhibition in India, Sinha said a number of new initiatives, including an investment protection and promotion agreement currently under negotiation, would give India's long-standing trade links with the UAE a major boost.
"The UAE is one of India's most important trading partners. In 2002-2003 India imported around $800 million worth of non-oil products from the UAE, while India's exports amounted to three billion dollars," said Sinha.
Today, the UAE ranks sixth among exporters of goods and services to India and the UAE is the second largest destination, after the United States, for Indian exports. According to official UAE government figures, 6,000 Indian companies are operating in Dubai, 3,800 in Sharjah and 500 in Abu Dhabi and Al-Ain.
"The visit to Dubai of a high-level Indian delegation for the Dubai 2003 IMF-World Bank annual meeting will provide an impetus to the burgeoning economic and commercial relationship between the two countries," said Sinha.
The UAE Trade Exhibition in India is being organized by the Dubai Chamber of Commerce and Industry (DCCI), Dubai's Ports, Customs and Free Zone Corporation and the Department of Tourism and Commerce Marketing (DTCM). It will be held at the Mumbai World Trade Center from October 21-24.
Recent examples of the growing bi-lateral trade ties between the UAE and India include the official inauguration of the Visakha Container Terminal, located on India's east coast. The terminal, developed as a primary gateway for the rapidly growing trade between India and the Far East, is a joint venture between Dubai Ports International and United Liner Agencies, of the JM Baxi Group. — (menareport.com)
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