- Leads delegation of 43 private & government sector representatives
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.
