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105548
Tue, 02/09/2010 - 15:00
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Lubna takes part at Arab-India Partnership Conference

New Delhi - Feb 9, 2010 (WAM)- UAE Minister of Foreign Trade (MoFT) H.E. Sheikha Lubna Bint Khalid Al-Qasimi took part in the second edition of the annual Arab-India Partnership Conference which kicked off today in New Delhi. She is being accompanied by a high-level delegation of 43 representatives from the public and private sectors. The -2day conference is being held under the umbrella of the Indio-Arab Cooperation Forum.
The Minister said that the UAE has the potential of attracting the continued flow of Indian investors in particular and global investors in general. She also urged the Indian and global companies operating in the UAE to benefit from trade and investment incentives provided by the country.
Sheikha Lubna also pointed to the advantages of UAE such as its geographical location, which remains close to European markets and emerging Asian regions. UAE enjoys global competitiveness and provide advanced services to investors as well as the opportunity of 100pc transfer of capital and profits.
The presence of vital industries and non-oil sectors that contribute more than 63 per cent of gross domestic product in addition to the ready availability of raw materials and cheap energy sources were also highlighted. The absence of taxes on profits and personal income and other features such as the work environment in the UAE were also underscored in the speech.
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.
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.
She 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 US$32.1 billion or 15 per cent of the UAE's total foreign trade volume with the rest of the world.
She 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.
Sheikha Lubna's speech focussed on UAE strengths and capabilities that have played an important role in addressing global challenges. The address also shed light on 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 featured 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.

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