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Bank of Baroda to Boost UAE, India Investments
ABU DHABI — Bank of Baroda, the only Indian bank which has full-fledged branches in the UAE, has launched initiatives to facilitate two-way flow of investments between India and the UAE.
“We have extensive network of about 3,000 branches in India,and fairly good presence in the UAE market. We will be ready to provide funds to the investors from both the countries and help them identify viable projects and suitable partners at the investment destinations,” Ashok K. Gupta, Chief Executive Officer (GCC Operations), of BoB, told Khaleej Times here.
According to him the share of the UAE in the overall FDI flows to India is only one per cent and there is tremendous scope to enhance this.
India currently has very hugeappetite for FDI considering its high economic growth levels and the massive expansion plans in infrastructure and several other sectors. India is experiencing significant growth in the FDI flow in the recent periods, and received $ 4.4 billion in April and May alone this year, from different parts of the globe.
“It will be difficult to give an estimate of the Indian investments in the UAE, because thousands of LLC firms are being run by Indian expatriates here,” he said in response to questions.
The BoB had organised a high-level meeting of the executives from the corporate groups, banks, investment intermediaries and government agencies in the UAE on Tuesday last in Dubai as part of its initiatives to promote investments in both the countries.
Talmiz Ahmad, Ambassador of India to UAE and Venu Rajamony, Counsel General of India in Dubai had also participated in the meeting.
Setting up a joint platform of investors from both the countries to facilitate two-way flow of investments was one major suggestion that emerged at the meeting. This platform can be in the form of a joint business council comprising of the representatives from chambers of commerce and other trade bodies in both the countries.
There could be regular exchange of business delegations between the UAE and India. When contacted the Ambassador said he would be sending a report to the Government of India on the suggestions made at the meeting to improve the FDI flow from the UAE to India. The Counsel General assured all support of the Indian Missions to promote investment in India. According to Ashok Gupta the overall business of the BoB in the UAE grew by and two and half times to about Dh 16 billion (including deposits and advances) in the last two years, which indicated a rapid growth in the affinity of the customers in the UAE to the bank. “The global financial meltdown seems to have boosted the confidence of the customers in BoB as we are owned by the Government. Our total business stood atDh7 billion in March 2007, while it grew to Dh11 billion by March 2008, and shot up to Dh16 billion in March 2009.
ramavarman@khaleejtimes.ae
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