IIFA can boost India-UAE trade

IIFA can boost India-UAE trade
Saturday, June 17, 2006 14:49 IST
By Santa Banta News Network
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.
'Tere Mere Darmiyan' from Vikrant Massey's 'The Sabarmati Report' Captures the Pain of Heartbreak!

The soulful song 'Tere Mere Darmiyan' from the upcoming film 'The Sabarmati Report' starring Vikrant Massey was released on Wednesday. Featuring Vikrant Massey and

Thursday, November 14, 2024
Vicky Kaushal to Portray 'Eternal Warrior of Dharma' Chiranjeevi Parashurama in 'Mahavatar'!

Bollywood sensation Vicky Kaushal is set to take on one of the most iconic roles of his career as Chiranjeevi Parashurama in the upcoming mythological epic "Mahavatar," directed by

Thursday, November 14, 2024
'Yeh Kaali Kaali Ankhein' Season 2 Trailer Unveiled: A Thrilling Ride of Kidnapping, Betrayal, and Revenge!

The much-anticipated trailer for the second season of Netflix's hit streaming series 'Yeh Kaali Kaali Ankhein' was released on Wednesday, offering fans a glimpse into the

Thursday, November 14, 2024
Ananya Panday Turns Up the Heat in Sizzling Bikini Photos from Dubai Vacation!

Ananya Panday recently took to social media to share glimpses from her Dubai vacation, captivating her fans with stunning beach photos. The Bollywood actress posted a

Thursday, November 14, 2024
Shraddha Kapoor Shares Her Views on Success, Failure, and Everything in Between in Filmfare's November 2024 Edition!

Shraddha Kapoor, a powerhouse performer known for her charm and versatility, continues to dominate Hindi Cinema, a journey that has rightfully landed her on the cover

Thursday, November 14, 2024
ADVERTISEMENT
ADVERTISEMENT