DUBAI, 16 June 2006 — The existing harmonious and successful relationship between the UAE and India is only the beginning, UAE Minister of Economy and Planning Sheikha Lubna Al-Qasimi told a gathering of prominent Emirati and Indian businessmen and dignitaries at the India Gulf Partnership Summit held at the Dubai Chamber of Commerce and Industry yesterday.
Speaking at the opening session of the FICCI-IIFA Global Business Forum being held as part of the ongoing Tiara Residence International Indian Film Academy (IIFA) Weekend in Dubai, Sheikha Lubna praised the age-old ties between the two nations and said the United Arab Emirates is always open for business with India.
“Our country is young and growing rapidly, thanks to the leadership of our rulers and thanks to the burgeoning private sector,” she said. “Of our 26 percent GDP growth last year, more than 60 percent was non-oil based, and 50 percent came from the service sector.”
Private sector investment and diversification, she added, form the recipe for a more prosperous future for both nations, including diversification into media and entertainment services. “Film is not just about glamour and glitz but also about economic growth,” Sheikha Lubna said, alluding to the Bollywood film industry being the biggest employer in Bombay.
Organized by the Federation of Indian Chambers of Commerce and Industry (FICCI), yesterday’s summit session was also attended by Indian Minister of State for Parliamentary Affairs Suresh Pachauri, FICCI President Saroj Kumar Poddar, former UAE ambassador to India Mirza Al-Sayegh and a number of other high-ranking dignitaries in addition to several hundreds of businessmen.
Poddar congratulated the UAE on its unparalleled growth, and said the apex body of Indian businesses wanted to use the forum to achieve a quantum leap in investment and development relations between the two nations.
“India and the UAE must partner to create the new Asian century,” Poddar said. “The political leadership in both our countries have created the perfect conditions for rapid economic growth, an opportunity we should use to our mutual benefit and development,” he added.
Pachauri thanked Sheikh Khalifa ibn Zayed Al-Nahyan, UAE president and ruler of Abu Dhabi, and Sheikh Mohammed ibn Rashid Al-Maktoum, UAE vice president and ruler of Dubai, for providing the million-strong Indian population of the emirates with a home away from home.
“The UAE and India are friends and trading partners for two millennia, and our relationship is an enduring one,” Pachauri said.
“Trade and commercial relationships have flowered in recent decades, and Dubai alone is home to more than 6,000 Indian businessmen with many more exploring the hospitable investment environment the UAE offers.”
Although the UAE is India’s second-largest trading partner after the US, and despite sizable UAE forays in India from Emaar, DP World, Dubai Aluminum and the Abu Dhabi Investment Authority, he said, the size of UAE investment in India falls far short of its potential. “There is a lot more than can be done in this context, and we are determined to work toward that goal via bilateral meetings such as this one,” Pachauri said.
Mirza Al-Sayegh paid tribute to the many Indian businessmen and women who contribute to the UAE’s growth.
Other opening session speakers included the Indian MP and actress Shabana Azmi, the Indian Ambassador to the UAE C.M. Bhandari and Indian Consul General Yash Sinha.
