Dubai to host first ever India-Arab World Business Summit
Wednesday, 06 December 2006, 18:30 IST
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New Delhi: The first India-Arab World Business Summit will be held in Dubai to strengthen trade and economic ties between India and the Gulf region. Commerce Minister Kamal Nath is heading a large delegation of business leaders to the summit, being organized by the Confederation of Indian Industry (CII) in partnership with Moutamarat, an agency set up by the Dubai government to hold conferences and exhibitions. "The summit will also provide first-hand insights into business strengths and the economic landscape of the Arab world as well as the opportunities and challenges for cooperation in the region," an official statement said. During his visit, Kamal Nath will have meetings with Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and the ruler of Dubai. He is also scheduled to interact with Mohammed Al Gergawi, minister of state for cabinet affairs for UAE and the executive chairman of Dubai Holdings, and Sheikh Lubna Al Qassimi, minister of economy for UAE. At the seminar, India will seek investment from the Gulf region - which is home to an estimated four million Indians - especially in infrastructure where the country needs an estimated $150 billion over the next five years. India will also seek to tap the new opportunities that are being opened up on account of the Gulf countries looking at new markets for investing their money in search of alternative sources of fuel. According to the statement, the total foreign direct investment from the Gulf Cooperation Council (GCC) countries to India has been a meager $2 billion in the current fiscal.
Source: IANS
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