The razzmatazz of Bollywood apart, the ongoing International Indian Film Academy (IIFA) events here have provided a platform to boost business ties between India and the United Arab Emirates.

India's Minister Of State for Parliamentary Affairs Suresh Pachouri made a strong pitch for India at the FICCI-IIFA Global Business Forum 2006 here Thursday.

Referring to India's liberal economic policies and its growing middle class, he said: "Over the next decade, India would need around $500 billion in the infrastructure sector alone and UAE investors should look at becoming major players in this area."

The Indian government would continue to explore new and emerging opportunities for diversifying bilateral relations, Pachouri said.

He pointed out that the UAE is the second largest destination for India's exports after the US. At $8.5 billion in 2005-2006, India's exports to the UAE exceed its exports to the rest of the West Asia including Iraq and Iran.

Besides growing economic cooperation, India and the UAE are also moving towards closer political and strategic engagement for furthering peace and prosperity in the region, the minister said.

Leading a 100-member business delegation from India, FICCI president Saroj Kumar Poddar underscored the huge business opportunities that both countries throw up.

Drawing attention to the bilateral trade turnover of $13 billion in 2005-2006, he stressed on rising bilateral trade and investment flows.

"We should aim at achieving a bilateral trade turnover of $30 billion by 2010 and an incremental FDI (foreign direct investment) flow of $25 billion over next ten years," said Poddar.

"These FDI flows should be both ways. While Indian companies are globalising and must leverage UAE's strategic location, the UAE must look at investing its financial surpluses in India as it offers the prospect of superior and secure returns compared to other destinations."

Film actor and former MP Shabana Azmi pointed to the need for striking strategic partnerships and understanding each other's culture.

"If Dubai can provide world-class facilities and training in filmmaking, many Indian producers and filmmakers would like to come here," Azmi maintained.