ID :
106510
Sun, 02/14/2010 - 15:27
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https://oananews.org//node/106510
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Lubna Al Qasimi opens promotional tour of UAE trade '&' investment opportunities in Mumbai
Mumbai - Feb 14, 2010 (WAM)- UAE Minister of Foreign Trade H.E. Sheikha Lubna Bint Khalid Al Qasimi yesterday 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, Sheikha Lubna emphasised the UAE's commitment to enhancing trade and economic ties with its partners, particularly India, based on the Emirates' policy of openness, trade liberalisation, 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 US$32 billion in 2008," said 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.
She 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.
She explained that the UAE is the fastest-growing ICT-enabled country in the region, noting the local presence of several technology-based research centres 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.
She 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 aluminium, 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 US$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 modernising 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 aluminium.
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.
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, Sheikha Lubna emphasised the UAE's commitment to enhancing trade and economic ties with its partners, particularly India, based on the Emirates' policy of openness, trade liberalisation, 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 US$32 billion in 2008," said 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.
She 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.
She explained that the UAE is the fastest-growing ICT-enabled country in the region, noting the local presence of several technology-based research centres 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.
She 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 aluminium, 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 US$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 modernising 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 aluminium.
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.
