DUBAI, 23 March 2007 — Bilateral relations between India and the United Arab Emirates will be further strengthened with the visit of Sheikh Mohammed ibn Rashid Al Maktoum, vice-president and prime minister of the UAE and ruler of Dubai.
Sheikh Mohammed will visit India on March 26 following an invitation from Indian Prime Minister Manmohan Singh. During the visit, officials will explore ways to boost the UAE-India bilateral relations in economic and technological areas.
Sources said that the two countries are set to sign seven key agreements in the areas of political and economic cooperation. UAE is looking to explore investment opportunities in a booming India, and India is looking for a significant Foreign Direct Investment (FDI) flowing in from the UAE.
The UAE is likely to sign an agreement with the Securities and Exchange Board of India (SEBI), India's regulator of securities market, and work on various investment modules, including FDIs.
Indian Ambassador to the UAE, C. M. Bhandari, said that the visit of Sheikh Mohammed is likely to herald a new chapter in the two countries' relations.
In a statement, the ambassador praised the level of ties between the two countries. He revealed that during the visit, the two countries are likely to sign a host of agreements including ones on avoidance of double taxation and exempting diplomatic and official passports in the two countries from visa requirement.
"Today, the two countries are conscious of their responsibilities, individually and jointly, in maintaining regional peace and stability and combating international terrorism, drug trafficking, money laundering and other crimes," Bhandari added.
"Not many people may know that the largest number of companies registered in the UAE are from India. IT, telecom, pharma, biotechnology, nanotechnology, manufacturing for regional markets and services sector like health, education and tourism have great potential for joint collaborations on both sides. People-to-people ties are strong and both peoples have great fascination for each other's cuisine, social customs, music, films and culture," added Bhandari.
Bhandari also pointed out that trade between the countries witnessed a significant growth.
India's exports to UAE surged from $ 2.4 billion in 2001-2002 to $8.5 billion during 2005-2006 while non-oil imports from UAE rose from $915 million to $4.3 billion within the same period.
India is the sixth largest exporter to the UAE after Japan, the US, Germany, China and the UK. Also, UAE is the second largest destination for India's exports after the US. Indo-UAE trade, valued at $180 million per annum in the 1970s, now stands at over $12.5 billion.
