|
|
|
| |
UAE acknowledges vital role of India in Gulf development at Indo-Gulf Business Forum
posted on 10/12/2009
 UAE Ministry of Foreign Trade Director General H.E. Abdullah Ahmed Al Saleh discussed India's contributions to the Gulf's growth and the UAE's unique ties with the country during a speech delivered today at the Indo-Gulf Business Forum being held at the Hotel Taj Krishna in Hyderabad, India.
Organized by the Associated Chambers of Commerce and Industry of India, the one-day forum gathered Gulf ambassadors and economic counsellors alongside key Indian officials and business sector representatives to discuss strategies for strengthening mutually-beneficial Indo-Gulf trade and economic ties.
India was the world's second-fastest growing major economy in 2008, benefitting from key tax reforms, deregulations and privatization initiatives. It is the world's fastest-growing telecommunications market, the biggest consumer of gold and jewellery, and the operator of the biggest sugar refinery. As the second most populous country in the world , it is also considered one of the largest international consumer markets.
In 2008, the UAE's trade exchange with India rose 48 per cent from 2007 to reach around USD 32 billion, accounting for 15 per cent of the Emirates' total foreign trade. The UAE's diverse Indian exports include gems and jewellery, vegetables, fruit, spices, engineering goods, tea, meat and its preparations, rice, textiles and apparel and chemicals. The Emirates also purchases readymade garments, cotton, synthetic yarn, marine products, machinery and equipment and plastics from India.
Almost 2 million Indian expatriates currently live and work in the UAE, comprising more than 30 per cent of the national population and constituting the Emirates' largest expatriate group. Indian businesses have been availing of the UAE's various commercial incentives, such as proximity to emerging European and Asian markets; world-class free zones; 100 per cent repatriation of capital and profits; numerous non-oil industries which generate more than 60 per cent of the national GDP; easy access to raw materials; cheap energy sources; and zero corporate profit and personal income taxes. - Emirates News Agency, WAM
RELATED ARTICLES
Volume of trade exchange between UAE, Korea touches US$23 billion in 2011 - 31 January 2012
Sheikha Lubna meets US trade official - 29 January 2012
A record high for Dubai Chamber members' exports and re-exports in 2011 - 23 January 2012
UAE and Polish ministers discuss trade and energy cooperation - 18 January 2012
Abdullah bin Zayed: UAE-Iraq trade exceeded US$4.5 in 2011 - 17 January 2012
RETURN TO MAIN NEWS PAGE | WAM
UP TO THE MINUTE NEWS
|
|
Home
