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Indian, UAE agreements to boost investments
Wednesday, 10 March 2004, 20:30 IST
DUBAI: India's investment in the UAE will get a boost with the signing of two memorandums of understanding (MOU) between the chambers of commerce and industry of India with those of Dubai and Sharjah emirates.
The agreements, signed by the leader of the Federation of Indian Chambers of Commerce and Industry (FICCI) delegation A.C. Muthiah, is also expected to attract UAE business to India.
Muthiah said there is a lot of potential for UAE investment in Indian infrastructure, where close to $20 billion worth of projects are in the pipeline.
The signing ceremony was attended by Indian Consul General Yash Sinha.
The delegation includes S. Chandramohan, managing director of Tuticorin Alkali Chemicals and Fertilisers, Biplav Guha, general manager, (JV) Oil and Natural Gas Commission (ONGC), Kishor Jhalaria, senior vice president Reliance Industries, Kiran Wagle, regional director of Indian Hotels Company and Kishan Kalra, additional secretary-general, FICCI.
On Monday, the FICCI delegation took part in the first Joint Business Council (JBC) meeting at Abu Dhabi. The formal institutional link between the UAE chambers and FICCI was established with the signing of an agreement on the JBC on Feb 19 last year in Mumbai.
The Indo-UAE JBC, the first high level business forum between the two countries, has initiated steps to forge strategic economic alliances based on their strengths.
Muthaiah said the JBC meeting covered issues related to the strengthening of the economic and commercial links between the two sides.
He said the JBC decided to form a sub-committee to boost cooperation and find ways to exchange specialists and advisors to carry out joint ventures.
Other areas for co-operation include utilisation of Indian engineering and entrepreneurial expertise in UAE projects, joint ventures in the healthcare sector, cooperation in the IT sector, training programmes for UAE citizens in Indian firms, which are FICCI members and joint ventures in the oil and gas sector.
A website in Arabic, detailing Indian government rules and regulations related to business, will be put up by the FICCI to facilitate easier access to information by businessmen in the Gulf states, he said.
UAE Chambers of Commerce and Industry chairman Saeed Saif bin Jabr Al Suwaidi led his delegation to the meeting. Indian Ambassador Sudhir Vyas said the JBC is dedicated to reviewing the entire economic ties between the two countries.
FICCI also signed an MOU with the Indian Business and Professional Group in Abu Dhabi to facilitate further interaction between institutions and firms in India and Abu Dhabi and to pursue educational and training opportunities for UAE national students in India.
Source: IANS
Source: IANS