Lubna Al Qasimi discusses stronger UAE-India bilateral ties

Foreign Trade Minister explores opportunities in aviation, investments & growth industries

UAE Minister of Foreign Trade H.E. Sheikha Lubna Bint Khalid Al-Qasimi discussed ways to reinforce bilateral relations between the UAE and India with Dr. Shashi Tharoor, Indian Minister of State for External Affairs, as part of her recent visit to India. She particularly talked about developing trade exchange and increasing mutual investment projects.

Her Excellency underlined the UAE's commitment to strengthening trade relations with India in various fields, pointing out that her tour also aims to promote investment opportunities and improve communications between the business communities of both countries. She stated that the UAE is India's top Arab commercial partner, while India is the Emirates' leading foreign trade ally. She also revealed that non-oil trade between the two countries amounted to over USD 32 billion in 2008, representing around 15 per cent of the UAE's total foreign trade for the year.

Sheikha Lubna added that the UAE has been highly successful in attracting foreign investments at the regional and global level. She referred in particular to economic and political stability, the availability of promising investment opportunities, a strategic geographic location, an integrated infrastructure, and the ease and simplicity of investment procedures as key factors.

Her Excellency further stated that the cross-investments of UAE and Indian companies cover various and diverse vital sectors such as industry, energy, finance and communications. She encouraged Indian and international companies to take advantage of the benefits offered by the UAE to achieve their respective organizational goals.

For his part, the Indian minister commended the excellent trade relations between the UAE and India and expressed his hopes of increasing the volume of exchange and investments between the two countries. He also emphasized India's commitment to reinforcing bilateral relations with the UAE at the governmental and business levels and in the economic and trade fields.

During her Indian travels, Sheikha Lubna also met with Praful Patel, Minister of Civil Aviation, to discuss improvements to bilateral commercial aviation. They talked about the possibility of speeding up the approval of applications submitted by some UAE air travel firms to start air travel flights between the UAE and India. Her Excellency pointed out that improved aviation ties would reflect positively on the trade, investment and tourism activities of both countries.

The UAE Minister noted that dynamic trade between the two countries requires an increase in air services, pointing out that around 275 weekly flights service various cities in both countries. She said that the UAE-India routes are the most active in overall GCC-India air travel.

The Indian Minister responded by voicing India's commitment to strengthening ties with the UAE and promised that UAE air travel firms will soon be authorized to operate in Indian terminals.

H.E. Sheikha Lubna also had an audience with Dr. Swati Piramal, Vice Chairperson of the Indian Chamber of Commerce and Industry. The officials talked about mutually leveraging investment opportunities specifically by convincing their respective private sectors to turn prospects into projects. They also discussed the development and economic plans of their countries.

Her Excellency highlighted the importance of good communications between the private sectors of both countries as well as constant participation in fairs and forums hosted by the UAE, which she noted have been attracting strong international attendance. She explained that events hosted by the Emirates provide the perfect platform for establishing solid economic and trade partnerships between the two countries in particular and between the two counties and the world in general.

Sheikha Lubna also underlined the UAE's strong global presence and exceptional competitiveness, as reflected by the country's impressive performance in international economic and commercial studies and reports.

The meetings were also attended by H.E. Abdullah Al Saleh, Director General of the UAE Ministry of Foreign Trade (MoFT); Muhammad Sultan Abdullah Al-Qwais, Ambassador of the UAE in India; and Mr. Manea Al Suwaidi, a MoFT official.