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Crisis ‘a Time to Bolster’ UAE-India Economic Ties
DUBAI - The current financial crisis should be seen as opportunity to expand relations between India and the UAE across the board and to bolster the already close economic partnership, Indian Consul General Venu Rajamony said.
“A thousand opportunities exist for UAE-based companies to invest in India and for businesses from both countries to forge win-win partnerships,” he said while addressing a gathering of dignitaries headed by Shaikh Ahmed bin Saeed Al Maktoum, President, Department of Civil Aviation and President, Emirates Group and Dubai Airports, at a reception on the occasion of India’s Republic Day on Monday.
The reception was attended by members of the Ruling Families of Dubai, Ras Al Khaimah and Sharjah, Government officials, prominent Emiratis, diplomats and members of the Indian community.
Stressing the close economic partnership between the two countries, Rajamony said in the first three quarters of 2008, India was the number one destination for Dubai in terms of exports and re-exports and number two source country for imports.
“The large middle class population of India amounting to around 350 million at three hours flying distance from Dubai constitute an important market which can provide stimulus to UAE’s infrastructure, civil aviation, real estate, retail, tourism, and hospitality industry in Dubai. Equally, these sectors which have helped Dubai carve an international reputation for itself are the very same sectors which hold tremendous promise for future growth in India,” he said.
“The current financial scenario must be seen not as a crisis but an opportunity to expand relations between India and the UAE across the board and to raise the already close economic partnership to even greater heights,” he added.
Rajamony pointed out that India’s growth in recent years was based on internal drivers as exports constituted only 13.5 per cent of its GDP.
“Ninety per cent of investments have been from within the country. Despite the financial crisis India is expected to continue to grow around seven per cent this year,” he said.
On the impact of the crisis on the UAE, Rajamony said Indians came to UAE at a time when there was no water, power, roads or skyscrapers.
“They have lived and worked with the people of UAE in times of prosperity as well as adversity. Indians will not abandon the ship just because there is a small financial downturn. India and the Indian community both stand ready to support in every manner possible the UAE Government and its people in their efforts to tide over the financial crisis.”
issacjohn@khaleejtimes.com
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