UAE now top India's trading partner with US$44.5b in total in 2008-2009: Indian Minis

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  1. ejazr

    ejazr Stars and Ambassadors Stars and Ambassadors

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    Oct 9, 2009 - 12:32 -

    ABU DHABI, Oct. 7th, 2009: The UAE is now India's trading partner with with two-way (non- oil) goods and trade being valued at US$ 44.5 billion in 2008-2009, revealed India's Minister of State for External Affairs Shashi Tharoor.

    This accounts for about half of India's total trade with the whole region. India's total trade with all the six-member Gulf Cooperation Council (GCC) reached US$86.9 billion , putting it ahead of European Union (US$80.6 billion) and ASEAN countries (US$ 44.6 billion).

    "The UAE is therefore well ahead of the United States and China whose trade with the Sub- continent were valued at US$ 40.6 and US$ 38.9 repsectively," the Indian minister told reporters in Abu Dhabi during his current official visit to the country.

    A breakdown of the figures shows the UAE also on top of India's export destinations with a total of US$24 billion.

    But a total of US$20.6 billion in imports for the same period puts the UAE in the second place on India's top imports after China (US$31.3) but ahead of Saudi Arabia (US$19.4 billion).

    Total remmittances to India from the UAE in 2008-2009 were between US$10-12 billion, around one third of the total remmittances from the GCC, according to Tharoor.

    India, howerver, is ambitious for more and is looking forward to further adding impetus to the already strong and long-standing economic ties with the UAE with a foucs on investments, Tharoor stressed.

    On his first official visit to the UAE and GCC as minister, Tharoor held a series of high-profile meetings.In Dubai, Tharoor held talks on venues of economic and investment cooperation with H.H Sheikh Hamdan Bin Rashid Al-Maktoum, Dubai Crown Prince and Minister of Cabinet Affairs Gergawi. In Abu Dhabi, he met with Minister of Foreign Trade Sheikha Lubna Al -Qassimi.

    The UAE is the second and last leg in Tharoor's regional tour which also took in Bahrain.

    Tharror already held meetings with the Indian Business and Professional Council (IBPC) in Dubai and is set to hold yet another meeting with the Indian Business and Professional Group (IBPG) in Abu Dhabi later today.

    "India supports the UAE's creative and ambitious initiatives aimed at diversifying energy sources and was among the supporters of Abu Dhabi's successful bid to host the headquarters of the International Renewable Energy Agency (IRENA)," he said.

    The two countries already maintain very good political, economic and cultural ties and are set for taking this further on.

    An invitation to Sheikha Lubna's to India later this year is pending confirmation, Tharoor added.
     
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  3. cobra commando

    cobra commando Tharki regiment Veteran Member Senior Member

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    Re: UAE now top India's trading partner with US$44.5b in total in 2008

    DUBAI: Aiming to strengthen trade partnership between India and the UAE, a high-profile delegation from Dubai visited Mumbai to explore and identify new investment opportunities to boost economic ties between the two nations. The delegation from Dubai International Financial Centre (DIFC), a federal financial free zone, conducted a series of presentations and discussions in the city with the objective of introducing and elaborating on Dubai's potential as a competitive business destination. "The historic economic cooperation between the UAE and India serves as a strong foundation for our two countries to strengthen ties in areas of mutual interest," said Shah, Chief Strategy and Business Development Officer of DIFC Authority. "DIFC is keen to leverage the vast investment prospects to create lucrative economic, commercial and investment partnerships besides attracting industry expertise and skilled manpower," Shah, who led the delegation, said in a statement yesterday. The delegation held direct meetings and attracted the interest of close to 50 existing and new clients keen to benefit from DIFC's widely-appreciated regulatory framework, legal systems and enabling infrastructure, it said. "We have received strong interest from banks, investment banks, asset/wealth managers, insurance/reinsurance providers/ brokers and professional firms from India that are looking at setting-up or expanding their presence in the DIFC to tap into the opportunities in the growth markets in Middle East and Africa," Shah said.
    Dubai delegation visits India to boost India-UAE ties - The Economic Times
     

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