Sheikha Lubna discusses bilateral trade ties with India

New Delhi - Feb 10, 2010 (WAM)- HE Sheikha Lubna bint Khalid Al Qasimi, UAE Minister of Foreign Trade has discussed with HE Anand Sharma, Indian Minister of Commerce and Industry the potential for developing bilateral relations between the two countries and ways of enhancing them in trade, economic and investment fields.
The two sides also discussed the challenges being faced to UAE investment in different Indian states and ways to overcome them in order to promote joint investments between the two countries. They expressed satisfaction over the present level of trade and investment relations between them.
Moreover, the two sides discussed the latest development in free trade negotiations between the GCC and India and relevant issues that are currently being negotiated.
Al Qasimi declared that India is considered to be the first trade partner of UAE and vice versa in the region as the value of non-oil trade between the two countries is amounted to more than 32 billion dollars, which represent 15 % of the volume of foreign trade of UAE.
She explained that the number of Indian companies in UAE amounted to more than 105 companies in addition to hundreds of companies operating in free zones, which reflects the huge potential and various opportunities for trade and investment cooperation between UAE and India.
For his part, the Indian Minister of Commerce hailed the distinguished economic and trade relations between UAE and India.
Also, he stressed the importance of strengthening joint cooperation for the development of excellent partnership between the two sides.
The meeting was attended by HE Abdullah Ahmed Al Saleh, Director-General of the Ministry of Foreign Trade and HE Mohamed Sultan Abdullah Al Owais, UAE Ambassador to India and other officials.