February 16, 2010

UAE Minister of Foreign Trade H.E. Sheikha Lubna Bint Khalid Al Qasimi discussed ways to reinforce bilateral trade, investment and economic ties between the UAE and India with Hyderabad Prime Minister K. Rosaiah during her visit to India. The two sides discussed how to enhance communications between their business communities and expressed their satisfaction towards the advanced relationships between their states.

Her Excellency pointed out that the UAE is highly committed to enhancing its commercial partnership with India, noting that India is the Emirate’s top trading partner. On the other hand, she said that the UAE ranks among India’s leading commercial partners, with non-oil exchange between the two nations rising 56 per cent from 2007 to reach USD 32.1 billion in 2008, representing 15 per cent of the UAE’s total foreign non-oil trade for the year.

The UAE Minister stated that the governments of both countries have provided the necessary legal and legislative frameworks to enable the private sector to transform investment opportunities into vital and strategic projects. These, she explained, stimulate more economic growth and strengthening bilateral relations in line with global development.

Sheikha Lubna encouraged Indian companies to tap the UAE’s numerous business incentives such as its strategic geographic location and competitive facilities in order to enhance their trade partnership with the Emirates as well as the rest of the world. She went on to thank the government of Hyderabad and the Federation of Indian Chambers of Commerce and Industry for their help in achieving the goals set by the UAE delegation’s government and private representatives as part of the promotional tour across major Indian cities.

For his part, Prime Minister K. Rosaiah emphasized the commitment of India and Hyderabad in particular to strengthen ties with the UAE, expressing his government’s willingness to support direct investments from the UAE and grant UAE businesses more competitive advantages and facilities. He also commended the partnership agreements made between many UAE and Indian companies covering the construction of several service and structural developments in Hyderabad.

The Indian Minister said that he looks forward to accommodating more UAE companies planning to operate direct air routes between Hyderabad and UAE cities, noting that enhanced daily flights would further strengthen the trade, investment and economic ties of both countries.

The meeting was attended by H.E Mohammed Sultan Al Owais, UAE Ambassador to India; H.E. Abdullah Ahmed Al Saleh, Director General of the Ministry of Foreign Trade (MoFT);  a MoFT official Mr. Manea Al-Suwaidi; and H.E. Saeed Khammas, Vice President of the Federation of UAE Chambers of Commerce and Industry.

February 16, 2010

UAE Minister of Foreign Trade H.E. Sheikha Lubna Bint Khalid Al Qasimi recently discussed the status of bilateral ties between the UAE and India and ways to enhance their trade and investment cooperation with Heavy Industries Minister in Hyderabad H.E. Kana Narayana. The meeting was held on the sidelines of a promotional tour of UAE trade and investment opportunities in India.

Both sides commended the exceptional level of trade and investments between their countries but agreed to take their partnership even further. The value of non-oil trade between the UAE and India alone reached more than USD 32 billion in 2008.

Sheikha Lubna explained that the UAE market offers a wide range of trade and investment opportunities that promote a stronger strategic partnership between the two countries. She noted that the UAE’s robust economy and competitiveness enable investors from Hyderabad and India as a whole to boost their investments in various economic sectors across the Emirates.

The UAE Minister pointed out that more than 105 Indian companies have invested and are registered in the UAE, in addition to hundreds of companies operating in free zones. These, she said, reflect the high potential and diverse opportunities for supporting advanced frameworks of trade and investment cooperation between the UAE and India.

Her Excellency also referred to the successful strategy of economic diversification 

adopted by the UAE, which has helped increase the contribution of non-oil sectors to the national GDP by 66 per cent last year as shown by preliminary estimates. She added that diversification initiatives have spurred the emergence of new vital sectors such as renewable energy, tourism, and technology.

For his part, H.E. Kana Narayan commended the distinctive economic and trade ties between the UAE and India. He called for greater cooperation between the two nations and affirmed that the UAE’s unique investment opportunities have encouraged many companies in Hyderabad to explore the UAE markets. He revealed that there are around 2,000 Indian companies operating in the Ras Al Khaimah Free Zone alone.

The meeting was attended by H.E. Mohamed Sultan Abdalla Al Owais, the UAE Ambassador to India, and H.E. Abdullah Ahmed Al Saleh, Director General of the Ministry of Foreign Trade.

February 15, 2010

UAE Minister of Foreign Trade H.E. Sheikha Lubna Bint Khalid Al Qasimi and Heavy Industries Minister in Hyderabad H.E. Kana Narayana recently launched a promotional tour for trade and investment opportunities in the UAE in Hyderabad, the third Indian city after New Delhi and Mumbai to be visited under a comprehensive four-city tour organized by the Ministry of Foreign Trade.

Held under the theme “Why UAE?,” the tour is being accompanied by several high-profile UAE officials, including H.E. Mohammed Sultan Al Owais, UAE Ambassador to India; H.E. Abdullah Ahmed Al Saleh, Director General of the Ministry of Foreign Trade; H.E. Saeed Khammas, Vice President of the Federation of UAE Chambers of Commerce and Industry; and H.E. Abdullah Sultan, Secretary General of the Federation of UAE Chambers of Commerce and Industry.

The UAE delegation also included 43 other individuals representing the UAE Central Bank; the Departments of Economic Development in Abu Dhabi and Dubai; the Abu Dhabi Tourism Authority; the Abu Dhabi National Exhibitions Company; the Free Zone Authorities of Sharjah, Ras Al Khaimah and Fujairah; the Ras Al Khaimah Investment Authority; Federation of UAE Chambers of Commerce and Industry; and the Sharjah Chamber of Commerce and Industry. UAE-based private national companies, foreign banks and multinational firms as well as Indian businessmen, investors and company representatives also participated in the event.

In a speech delivered during the Hyderabad leg, H.E. Sheikha Lubna emphasized the mutual importance of strategic commercial partnerships between the UAE and India. She noted that commercial exchange between the two countries was estimated at more than USD 32 billion in 2008, representing around 15 per cent of the UAE’s total non-oil foreign trade for the year. Her Excellency added that India is the UAE’s top commercial partner in terms of non-oil exports, posting USD 4.9 billion in related exchange in 2008 to surpass the 2007 figure by 49 per cent.

The UAE Minister said that India also came in first in terms of re-exports for the same period at USD 10 billion and 2nd in imports at around USD 17 billion. She also stated that the Emirates’ non-oil sectors accounted for more than 66 per cent of the national GDP last year compared to 63 per cent in 2008, affirming the success of the country’s economic diversification policies.

Her Excellency highlighted the importance of Hyderabad in enhancing bilateral trade and investments, saying that “This promotional tour affirms our belief in the role of this city as a major contributor to expanded commercial and investment cooperation between our nations.”

Sheikha Lubna encouraged Hyderabad’s business community and economic bodies to avail of the UAE’s numerous business and investment incentives, such as its exceptional geographic location close to key European and Asian markets; its highly competitive free zones; 100 per cent transfer of capital and profits; low-cost energy sources; and zero- profit and personal income taxes, among others, which make the UAE’s business environment one of the most competitive in the world.

The other UAE delegates also delivered their own speeches and presentations identifying and explaining key business and investment opportunities as well as the policies and regulations in place to support them; strategies for enhancing UAE-Indian economic and commercial partnerships; India’s special place in the Emirates’ development agenda and foreign trade initiatives; and the various programs being implemented per emirate to enhance UAE-India relations. Government and private entities likewise presented their partnership plans and expressed their willingness to boost UAE-India trade and investments.

For his part, H.E. Narayana lauded the historic relationship between the UAE and Hyderabad and India in general. He commended the UAE’s status as a major Middle Eastern commercial hub, noting that the country ranks third only after Singapore and Hong Kong in terms of re-exports. He revealed that commercial exchange between the two countries rose 53 per cent to around USD 45 billion during the past two years.

The Indian official added that his country is the UAE’s 3rd largest investor while the Emirates is India’s 10th at USD 5 billion. His Excellency urged investors from both countries to communicate more closely and define investment opportunities from which strategic partnership of mutual benefit can be formed.

February 11, 2010

UAE Minister of Foreign Trade H.E. Sheikha Lubna Bint Khalid Al Qasimi has yesterday (February 10, 2010) opened a promotional tour of commercial and investment opportunities in the UAE in the city of Mumbai, representing the second leg of an official Indian visit which started in New Delhi. The UAE Ministry of Foreign Trade (MoFT) has been overseeing a tour of four Indian cities with the participation of 43 representatives from ministries, federal authorities, local government departments, and private companies.
 
Events included a joint forum with the Indian Chamber of Commerce and Industry held under the theme ‘Why UAE?’ which was attended by H.E. Sheikha Lubna; Mohammed Sultan Al Owais, UAE Ambassador to India; MoFT Director General H.E. Abdullah Ahmed Al Saleh; UAE delegates from the Ministry of Economy; the UAE Central Bank; chambers of economic development in Abu Dhabi and Dubai; the Abu Dhabi Tourism Authority; the Abu Dhabi National Exhibition Centre; the Free Zone Authorities of Sharjah, Ras Al Khaimah and Fujairah; Ras Al Khaimah Investment Authority; Federation of UAE Chambers of Commerce and Industry; and Sharjah Chamber of Commerce and Industry.

Also present were representatives of national private companies; officials from foreign banks and companies operating in the UAE; businessmen and investors; and key figures from India’s commercial, industrial and investment sectors. Detailed presentations on economic conditions in the UAE and  investment opportunities in the various emirates were also discussed, as well as the holding of bilateral meetings between representatives of government agencies, businessmen and UAE investors and economic, commercial and investment interests from India.

In her opening speech, H.E. Sheikha Lubna emphasized the UAE’s commitment to enhancing trade and economic ties with is partners, particularly India, based on the Emirates’ policy of openness, trade liberalization, increased foreign investments, and expanded private-sector participation in development. These, she explained, are vital to expediting economic growth and strengthening the components of the overall development of the UAE in various sectors.

“We came to Mumbai to promote business partnerships and strategic relations between the UAE and India. We have developed these as a trade-oriented bilateral partnership; in fact, India is our top foreign commercial partner, while the UAE is India’s main commercial ally in the Middle East, with non-oil trade exchange between our countries surpassing USD 32 billion in 2008,” said H.E. Sheikha Lubna.

The UAE Minister commented that the UAE is currently the most dynamic economy in the Middle East and is well-positioned within the global economy. She attributed this status to the Emirates’ successful economic strategy, development policy, and comprehensive economic diversification, noting that initial estimates of non-oil contributions to the national GDP amounted to around 66 per cent last year.

H.E. pointed out that the UAE offers various trade and investment incentives for Indian and international companies, such as its close geographical location near European and emerging Asian markets; highly-competitive free zones that provide advanced services to investors; 100 per cent transfer of capital and profits; diverse industries and non-oil sectors; highly-available raw materials; cheap energy sources; zero profit and personal income taxes; and other elements that make the business and work environment of the UAE one of the most competitive in the world.
 
Sheikha Lubna added that the UAE and India should benefit from expectations of economic recovery within the year, and continue reinforcing the bilateral trade, economic, business, and cultural ties that have been existing between the two countries for so long.

H.E. explained that the UAE is the fastest-growing ICT-enabled country in the region, noting the local presence of several technology-based research centers and unique local skills that can facilitate potential partnerships and investments in research, development and product innovation. She added that the country also offers numerous investment prospects in renewable energy.

H.E. also commended the role of Mumbai in promoting trade, economic and investment relations between the UAE and India, especially as it is the trade and economic hub of India and one of the most attractive cities for diverse investment activity. She further stated that Mumbai helps facilitate smooth bilateral partnerships between local investors and their UAE counterparts.

For his part, H.E. Mohammed Sultan Al Owais, UAE Ambassador to India, explained that bilateral relations between UAE and India have reached an advanced level. He noted the diversity of investments of UAE companies in India and vice versa, referring to covered industries such as aluminum, energy, finance and telecommunications. H.E. called on Indian companies to identify trade and business opportunities in the UAE and avail of the Emirates’ various incentives.

Mr. Maneaa Al Suwaidi, a Director in MoFT, delivered a detailed presentation on UAE-India relations, the future vision of the UAE, and the existing investment opportunities under the title ‘Why has the UAE come to India?’ He

explained that trade cooperation between the two countries has grown significantly, pointing out that the UAE’s trade with India amounted to USD 32.1 billion in 2008, accounting for 15 per cent of total UAE foreign trade and rising 48 per cent over the 2007 figure to make India its top international trade ally.

Al Suwaidi noted that India is also the UAE’s top non-oil export partner, with sector exports growing at 49 per cent in 2008 over the prior year. He added that India ranked second only to China in terms of value of imports at USD 16.9 billion during the same year, at a growth rate of 38 per cent over 2007. India also topped UAE re-exports, posting USD 10.4 billion at a growth rate of 69 per cent. He further noted that the UAE is India’s second-largest trading partner in terms of non-oil exports after the United States, with figures increasing 9.4 per cent.

Moreover, Al Suwaidi stated that the UAE is India’s fourth trade partner after China, Saudi Arabia and the United States in terms of total value of imports, with imports from the country accounting for 5.1 per cent of the global total. He also revealed that the UAE ranks 31st among the most competitive economies in the world, pointing out that the non-oil sector accounted for more than 63 per cent of the national GDP in 2008 and rose to 66 per cent in 2009.

Al Suwaidi further noted that the non-oil sector comprised more than 53 per cent of total exports for 2008. He attributed the solid figures to government policies that have promoted economic and social development and have developed mechanisms for boosting competitiveness. He also referred to substantial and diverse market opportunities in renewable energy, tourism, transport, health, and education.

Mr. Badr Al Junaibi from the Department of Economic Development, Sector of Economic Relations, delivered a detailed presentation Abu Dhabi’s economic development, pointing out that the emirate contributes 40 per cent of the UAE’s GDP.  He explained that Abu Dhabi is modernizing its administrative functions and development mechanisms in its pursuit of becoming one of the best five governments in the world. He revealed that the emirate current ranks 10th among the best economies in the world according to a World Bank report and is 23rd as a competitive investment location.

Al Junaibi noted that Abu Dhabi is expanding the scope of its diversification efforts into sectors such as alternative energy sector, referring to plans to strengthen the position of Abu Dhabi as a model of a strong economy. He also commented that Abu Dhabi’s Vision 2030 aims to achieve sustainable development and reduce dependence on oil as the main engine of growth by stimulating the private sector to play a leading role in overall development.
 
He explained that the Abu Dhabi Government is working hard to promote and develop the role of the industrial sector through the establishment of specialist industrial and economic zones, and provide the best facilities and services to companies and international institutions interested in investing in the emirate’s manufacturing sector. He also referred to the great strides that have been made by Abu Dhabi in heavy industries such as aluminum.
 
Al Junaibi noted the eagerness of Abu Dhabi to explore new fields such as renewable energy through initiatives such as Masdar City, which aims to create a sustainable environment of the future free from carbon and waste. 

After the opening speeches, the audience viewed a MoFT documentary on the UAE entitled ‘Seven Pearls’ in reference to the seven emirates making up the Federation of UAE.  The film depicted the development of the UAE’s commerce and economy, its vast investment opportunities and its excellent standing in the regional and global economies.

The promotional film showed that with the fifth-largest reserves of oil in the world, pristine beaches and the presence of nearly 200 nationalities, the UAE is a country with diverse attractions in the areas of trade, tourism, foreign investment, and real estate, with the country owning an advanced infrastructure and adopting a modern multinational view.

The forum included other promotional presentations on investment opportunities in the financial sector delivered by Nariman Al-Awadi from the Central Bank; Sharif Al Awadi, General Manager of the Fujairah Free Zone; Mrs. Maryam Al Shehhi, Deputy Director General of the Ras Al Khaimah Free Zones; Mr. Hussein Al Mahmoudi, Director General of Sharjah Chamber of Commerce and Industry; and representatives of other federal authorities across the Emirates. 

Foreign Trade Minister explores opportunities in aviation, investments & growth industries

February 10, 2010

UAE Minister of Foreign Trade H.E. Sheikha Lubna Bint Khalid Al-Qasimi discussed ways to reinforce bilateral relations between the UAE and India with Dr. Shashi Tharoor, Indian Minister of State for External Affairs, as part of her recent visit to India. She particularly talked about developing trade exchange and increasing mutual investment projects.

Her Excellency underlined the UAE’s commitment to strengthening trade relations with India in various fields, pointing out that her tour also aims to promote investment opportunities and improve communications between the business communities of both countries. She stated that the UAE is India’s top Arab commercial partner, while India is the Emirates’ leading foreign trade ally. She also revealed that non-oil trade between the two countries amounted to over USD 32 billion in 2008, representing around 15 per cent of the UAE’s total foreign trade for the year.

Sheikha Lubna added that the UAE has been highly successful in attracting foreign investments at the regional and global level. She referred in particular to economic and political stability, the availability of promising investment opportunities, a strategic geographic location, an integrated infrastructure, and the ease and simplicity of investment procedures as key factors.

Her Excellency further stated that the cross-investments of UAE and Indian companies cover various and diverse vital sectors such as industry, energy, finance and communications. She encouraged Indian and international companies to take advantage of the benefits offered by the UAE to achieve their respective organizational goals.

For his part, the Indian minister commended the excellent trade relations between the UAE and India and expressed his hopes of increasing the volume of exchange and investments between the two countries. He also emphasized India’s commitment to reinforcing bilateral relations with the UAE at the governmental and business levels and in the economic and trade fields.

During her Indian travels, Sheikha Lubna also met with Praful Patel, Minister of Civil Aviation, to discuss improvements to bilateral commercial aviation. They talked about the possibility of speeding up the approval of applications submitted by some UAE air travel firms to start air travel flights between the UAE and India.  Her Excellency pointed out that improved aviation ties would reflect positively on the trade, investment and tourism activities of both countries.

The UAE Minister noted that dynamic trade between the two countries requires an increase in air services, pointing out that around 275 weekly flights service various cities in both countries. She said that the UAE-India routes are the most active in overall GCC-India air travel.

The Indian Minister responded by voicing India’s commitment to strengthening ties with the UAE and promised that UAE air travel firms will soon be authorized to operate in Indian terminals.

H.E. Sheikha Lubna also had an audience with Dr. Swati Piramal, Vice Chairperson of the Indian Chamber of Commerce and Industry. The officials talked about mutually leveraging investment opportunities specifically by convincing their respective private sectors to turn prospects into projects. They also discussed the development and economic plans of their countries.

Her Excellency highlighted the importance of good communications between the private sectors of both countries as well as constant participation in fairs and forums hosted by the UAE, which she noted have been attracting strong international attendance. She explained that events hosted by the Emirates provide the perfect platform for establishing solid economic and trade partnerships between the two countries in particular and between the two counties and the world in general. 

Sheikha Lubna also underlined the UAE’s strong global presence and exceptional competitiveness, as reflected by the country’s impressive performance in international economic and commercial studies and reports.

The meetings were also attended by H.E. Abdullah Al Saleh, Director General of the UAE Ministry of Foreign Trade (MoFT); Muhammad Sultan Abdullah  Al-Qwais, Ambassador of the UAE in India; and Mr. Manea Al Suwaidi, a MoFT official.

February 10, 2010

UAE Minister of Foreign Trade H.E. Sheikha Lubna Bint Khalid Al Qasimi recently met with Anand Sharma, India’s Minister of Commerce and Industry, to discuss ways to develop and strengthen bilateral relations between the UAE and India in the commercial, economic and investment fronts.

The two sides discussed challenges faced by UAE investments into various Indian states such as Orissa as well as effective strategies for overcoming them in order to enhance joint investments between their countries. They also highlighted developments concerning the Free Trade Agreement being negotiated between the GCC and India, reviewing related issues covering trade in goods and services, rules of origin, investments, and dispute settlement. The two sides noted that a signed FTA would enhance bilateral trade and significantly uplift relations between the GCC and India.

The Ministers also expressed their satisfaction over trade and investment relations between their countries. They emphasized that recent economic developments in their respective states have created promising investment opportunities in various fields. These, they agreed, would enable companies from their nations to jointly establish projects that would support closer cooperation and mutually enhance development potentials and capacities.

H.E. Sheikha Lubna said that the UAE’s economic strengths, competitiveness, and development capabilities as reflected by its state-of-the-art port facilities alongside India’s rapid economic growth has helped fortify the strategic partnerships between the Emirates and India at the economic and commercial levels.  She noted that India and the UAE are each other’s top foreign trade partners, adding that non-oil exports between the two countries amounted to USD 32 billion. This, she explained, is about 15 per cent of the total foreign trade volume of the UAE and is 56 per cent higher than the 2007 figure.

Sheikha Lubna reported the presence of more than 105 registered Indian companies in the UAE, many of which operate in the free zones. This, she pointed out, proved the diversity and excellent potential of trade and investment partnerships between the UAE and India. She also emphasized the important role played by the UAE’s successful economic diversification strategy in increasing the GDP contribution of non-oil sectors by 66 per cent in accordance with preliminary estimates.

H.E. highlighted the positive effect of diversification in stimulating new growth sectors such as renewable energy, tourism and technology. She also emphasised exclusive and diversified investment opportunities in various sectors, especially in new non-oil businesses. The Minister urged Indian companies to take advantage of business and investment opportunities in the UAE and consequently promote investments into the Indian market.

For his part, the Kerala Chief Minister V.S. Achuthanandan commended the exclusive economic and trade ties between the UAE and India, saying that they exemplify desired relations between Arab countries and India. He also emphasised the importance of enhancing joint cooperation in order to develop substantial partnerships between the two sides.

The meeting was attended by H.E. Abdullah Ahmed Al Saleh, Director General of the UAE Ministry of Foreign Trade (MoFT); H.E. Mohamed Sultan Abdalla Al Owais, the UAE ambassador to India; and Mr. Manea Al Suwaidi, a MoFT official

February 9, 2010

UAE Minister of Foreign Trade H.E. Sheikha Lubna Bint Khalid Al Qasimi discussed methods for enhancing bilateral relations between the UAE and India, during a meeting with V.S. Achuthanandan, Chief Minister of the South Indian state of Kerala. The session focused on trade, investment and economics and is part of H.E.’s current visit to India.

The two parties reviewed ways to encourage the business communities of the UAE and Kerala, India, to further develop commercial and investment ties, specifically by leveraging economic and investment potentials to create joint business interests. They commended the exemplary level of bilateral relations between their two countries, particularly in commerce.

Sheikha Lubna underlined the UAE’s commitment to further developing commercial exchange and joint cooperation with India, noting that India’s foreign trade with the Emirates reached USD 32.1 billion to represent 15 per cent of the UAE’s total foreign trade in 2008 and making it the Emirates’ top foreign trade partner. The figure, she pointed out, is an impressive 56 per cent increase from the 2007 trade volume.

H.E. identified investment opportunities in various fields and explained that the continued growth of both countries will provide significant opportunities for enhancing commercial and economic relations in line with global developments.

The UAE Minister called on Indian companies to take advantage of the Emirates’ business-friendly environment, referring to the country’s strategic geographic location; world-class facilities such as ports with high-level operational capabilities; and competitive services. These, she said, promote smooth trade between India and the UAE and with the world.

For his part, the Kerala Chief Minister expressed the commitment of Kerala and the whole of India to enhancing inter-governmental and business communications in order to identify and pursue trade and investment prospects. He said that both sides showed great potential and should thus focus on broadening mutual cooperation.

The meeting was attended by H.E. Mohamed Sultan Abdalla Al Owais, the UAE Ambassador to India, and H.E. Youssef Ali Abdul Kader, Board Member of the Abu Dhabi Chamber of Commerce & Industry.

H.E. Sheikha Lubna Al-Qasimi leads UAE delegation to New Delhi

February 9, 2010

UAE Minister of Foreign Trade (MoFT) Sheikha Lubna Al Qasimi led a huge delegation from the government and private sectors on the opening day of the 2nd Arab-Indian Partnership Conference running from February 8 to 9, 2010. The conference launch was also attended by ministers of commerce and economy from India and Arab Countries, the Deputy Secretary of the Arab League, and representatives from Arab trade and investment institutions.

The delegates escorting H.E. Sheikha Lubna included H.E. Mohamed Sultan Abdulla Al-Owais, Ambassador of the UAE in India; MoFT General Manager H.E.Abdullah Ahmad Al-Salih; H.E. Saeed Khammas, Vice President of the Federation of UAE Chambers of Commerce & Industry; H.E. Abdullah Sultan, Secretary General of the Federation; and Miss Hala Lutah, Director of MoFT’s Government Communication Relations Department.

There were also around 40 other representatives from MoFT; the Ministry of Economy; the Central Bank of the Emirates; the Departments of Economic Development of Abu Dhabi And Dubai; the Abu Dhabi Tourism Authority; the Abu Dhabi Exhibitions Company; the Authority of Free Zones in Sharjah, Ras Al-Khaima and Fujeira; the Ras Al-Khaima Investment Authority; the Union of Trade and Industry Chambers in the UAE; the Sharjah Chamber of Commerce & Industry; as well as several private national companies and foreign banks and companies based in the UAE.

In a speech delivered at the beginning of the Conference, H.E. spoke of the resilience of the UAE economy, particularly against the global crisis, as well as the numerous business and investment opportunities offered by the country especially in non-oil sectors. She explained that these would create broader horizons for future collaboration between the UAE and India as well as Arab-Indian cooperation in various fields.

H.E. explained how Indian and international companies can capitalize on the UAE’s exceptional geographic location close to top European and Asian markets; highly-competitive Free Zones; world-class services; the possibility of transferring capital and profit at a 100 per cent rate; and highly productive industries and non-petroleum sectors which contribute more than 63 per cent of national GDP. In addition, she noted the availability and ease of access to raw materials; low-cost energy sources; business-friendly regulatory reforms; zero-taxes on profits and personal income; the country’s emergence as an R&D and alternative energy hub; political stability; and an integrated infrastructure as among the features which make for one of the most competitive business environments in the world.

With regards to relations with India, H.E. pointed out that the UAE is committed to enhancing commercial partnerships between the two nations as reflected by her promotional tour across four key industrial cities in India. She noted that Indian investments into the UAE in 2007 were valued at around USD 2.5 billion, representing 7 per cent of total foreign direct investments during the year. On the other hand, she noted that the UAE ranks first among India’s commercial partners and 8th among its top 10 foreign investors. The Emirates’ non-petroleum trade with India surpassed USD 32 billion in 2008, representing around 15 per cent of the UAE’s total foreign trade for the UAE.

Sheikha Lubna added that there are more than 105 Indian companies registered in the UAE, many working within the country’s various Free Zones. She said that products such as pearls, precious and semi-precious stones, precious and base metals, false jewelry and coins made up more than two thirds of total exports, 7.85 per cent of non-petroleum exports and 93 per cent of total re-exports. She called for closer collaboration between the two countries’ private and government sectors in adopting enhanced investment policies and developing joint investment programs and projects.

Her Excellency lauded the improving relations among Arab countries and India and particularly noted mutually beneficial achievements in tourism, transportation and general commerce. She highlighted the fact that India is exploring potential energy and infrastructure partnerships with Arab countries and Gulf states in particular in pursuit of its annual economic targets through the next 20 years.

The first day of the Conference sessions tackled joint investment opportunities worth approximately USD 21 billion, covering activities in infrastructure, energy, small and medium industries, social infrastructure, and information and communications technology.

Dr. Shashi Tharoor, Indian Minister of State for External Affairs, affirmed the historic bonds with Arab countries and the importance of their cooperation. He said that the global financial crisis presents a huge opportunity to strengthen ties and that the Arab World’s status as the top provider of energy resources makes it a vital ally. He added that the improving conditions of Indian workers in Arab countries bode well for enhanced collaboration.

For his part, Mr. Anand Sharma, Indian Trade and Industry Minister, commended the exceptional economic and commercial ties between the UAE and India and said that they can serve as role models for excellent Arab-India relations. He outlined the main challenges posed by globalization, called for greater unity between Arab countries and India, and urged all parties to learn from their shared histories. He finally referred to potential areas of cooperation especially in technology and energy, and noted that commercial exchange was at around USD 140 billion.

Mr. Ahmad Ben Helli, Deputy Secretary General of the Arab League, confirmed the robustness of Arab-Indian relationships. He likewise encouraged greater cooperation in fields such as energy, scientific research, human resources, and environment.

In a speech delivered on behalf of the President of the Union of Arab Trade and Industry

Chambers, Saeed Khammas, Vice President of the Union, emphasized the importance of commercial exchange between Arab countries and India which he said reach an estimated USD 100 billion in 2009, with the Arab share in India’s foreign trade hitting around 21 per cent. Mr. Khammas pointed out that Arab countries are committed to engaging in joint projects in vital economic areas such as petroleum, energy, food safety, infrastructure, technology, electronic data processing, communications, health services and education with India. He urged India’s economic entities to learn how to benefit from investment opportunities available in Arab countries, especially as the region has proven its ability to overcome the challenges posed by the global downturn.

Leads delegation of 43 private & government sector representatives

February 7, 2010

UAE Minister of Foreign Trade (MoFT) H.E. Sheikha Lubna Bint Khalid Al Qasimi has today (Sunday, February 7, 2010) begun a visit to India to enhance trade cooperation and promote investment opportunities available in the UAE. She is being accompanied by a delegation of 43 representatives from the public and private sectors.

The visit, which concludes on February 12, 2010, includes a promotional tour across four Indian cities including Delhi, Mumbai, Hyderabad and Bangalore. The delegation will also participate in the second edition of the annual Arab-India Partnership Conference slated from February 8 to 9, 2010 in New Delhi under the umbrella of the India-Arab Cooperation Forum.

H.E. Sheikha Lubna will be joined by other MoFT officials including Director General H.E. Abdullah Ahmed Al Saleh and Mrs. Halla Lootah, Director of MoFT’s Government Communications Relations Department. Other delegates will represent the Ministry of Economy; the Central Bank; the Department of Economic Development in Abu Dhabi; the Dubai Department of Economic Development; the Abu Dhabi Tourism Authority; the Abu Dhabi National Exhibitions Company; the Fujairah Free Zones Authority; the Sharjah Free Zones Authority; the Ras Al Khaimah Free Zones Authority; the Ras Al Khaimah Investment Authority; the Federation of UAE Chambers of Commerce and Industry; and the Sharjah Chamber of Commerce and Industry.

National companies along with a number of officials from foreign banks and international companies operating in the UAE are also included in the trade and investment mission.

The Minister assured that the UAE is committed to enhancing its ties with its foreign trade partners in line with its policy of accelerating the pace of economic growth and strengthening the pillars of comprehensive development in the Emirates’ various sectors. She explained that this would be achieved through economic openness, trade liberalization, the encouragement of foreign investments into the country, and the promotion of private-sector participation in the development process.

H.E. Sheikha Lubna emphasized that MoFT plays a vital role in promoting the UAE’s position as a leading trade centre at the regional and international levels. She also noted that the Ministry is eager to open new markets for national products and exports that can compete with the quality of goods available within the global markets.

The MoFT official pointed out that India is a big consumer market that can also accommodate national products matching the quality of international goods. She also stated that the UAE is the largest Arab trading partner of India, noting that the value of non-oil trade between the two countries reached around USD 32.1 billion or 15 per cent of the UAE’s total foreign trade volume with the rest of the world.

H.E. underscored the importance of the ongoing cooperation between the government agencies, investors and businessmen from the UAE and India in leveraging investment opportunities and launching promising economic projects that can serve the interests of the two strategic partners.

She noted that the UAE’s geographical location and high-profile services offered by UAE ports enable India to boost its re-export trade and better market Indian products and while providing it with access to a large regional market of 300 million consumers.

During her promotional tour through the four cities, H.E. Sheikha Lubna will meet with ministers and representatives of Indian trade and economic establishments to discuss enhanced bilateral cooperation and explore available opportunities. These aim to encourage joint investment projects that can tap the Emirates’ trade and investment capabilities.

The other UAE representatives will also meet Indian government departments and economic and investment establishments to discuss the creation of promising investment opportunities and the development of a framework of joint cooperation. The Sharjah-based Indian Trade and Exhibition Centre in the Middle East will also highlight the success stories of Indian investors in the UAE in addition to the rich opportunities available in various sectors.

During the Arab-India Partnership Conference, H.E. Sheikha Lubna will deliver a speech focusing on UAE strengths and capabilities that have played an important role in addressing global challenges. She will also discuss the great opportunities currently available in various sectors, especially those involving non-oil businesses, which have the potential to spur further cooperation between the two countries.

The first day of the Arab-India Partnership Conference will feature a Ministerial Session where a number of Arab finance and trade ministers will talk about the cooperation and mutual relations between India and the Arab World. Other sessions will discuss investment opportunities available in common fields such as infrastructure, energy, small and medium industries, social infrastructure and communications and information technology. Some sessions will focus on how to invest in Arab countries and capitalize on the productive relations with India. Indian representatives will highlight the local investment environment as well as opportunities for cooperation in training and developing qualified workforce for the different areas.

During a breakfast marking more than a year of MoFT’s founding and the beginning of the New Year

H.E. Sheikha Lubna Bint Khalid Al Qasimi, UAE Minister of Foreign Trade (MoFT), held a breakfast gathering for Ministry staff Read the full story