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In an exclusive interview with Khaleej Times on eve of the Republic Day of India today the Indian ambassador widely reveals the impact of downturn on varied sector as job, trade and investment. The envoy also focused on the planned cultural events in the upcoming months.
Here are some excerpts of the interview.
Q. Whether the financial meltdown affected the trade and business developments between India and the UAE in 2008 and now?
A. No negative effects of the global financial meltdown on India-UAE trade relations have been seen so far. They may emerge, after a year or so, if oil prices continue to fall in tandem with business decline in the West. India and UAE have good economic and trade relations which are growing further. The UAE is India’s third largest trade partner in the financial year 2007-08.
Q.Has the flow of Indian expatriates travelling to the UAE gone down due to the economic downturn, and it resulted in job losses of many in the UAE who toil in construction fields?
A. The current economic crisis is unlikely to have any significant impact on the recruitment of Indians as the major energy, infrastructure and real estate projects being pursued in the country would not be halted, keeping in view the readily available financial support for such projects. Major real estate developers have also assured that ongoing projects would not be slowed down or delayed.
Q.What new improvements have been gained in the two way trade ties between the two countries in 2008?
A. Non-oil trade between India and the UAE has crossed $29 billion in the financial 2007-08, up 24 per cent compared to the last fiscal year, making the UAE India’s third-largest trading partner after the US and China. India’s non-oil exports to the UAE in 2007-08 rose to $15.47 billion from $13.61 billion, a year earlier whereas, India’s non-oil imports from the UAE were valued at $13.56 billion, higher than $9.79 billion in 2006-07.
Q. What was the growth rate of Indian and UAE investors in both countries, has it been affected due to unstable developments in India ?
A. India’s main area of priority for investment is the infrastructure sector where more than $500 billion are required over a period of five years. Apart from it, the other areas for investments are telecom, energy and agriculture. Major UAE companies like Emaar, Nakheel, ETA ASCON are investing in the sectors like real estate, hospitality and tourism. DP World is actively engaged in the development of six different ports on the vast coastline of India.
UAE side has also shown interest in agriculture and food processing, and in utilising India ‘s experience for developing the consumer sector in the UAE. The UAE is supporting development of small and medium enterprises (SME) in order to develop entrepreneurial spirit in its young generation. Given India’s strengths in the SME sector, this is an important area for Indian companies. The sectors of priority interest to the UAE are: industry, services and alternative energy.
Q. Which Indian companies are investing in the UAE?
A. Indian companies like L&T, Punj Lloyd, Hinduja Group, Pioneer Cement, Oberoi Group of Hotels, have bagged projects in the UAE. Following the emergence of Dubai as a major re-export centre, Indian companies have emerged as important investors in the free trade zones such as Jebel Ali FTZ, Sharjah Airport and Hamariya Free Zones and Abu Dhbai Industrial City. Again with Dubai positioning itself as a service centre, many Indian Service Providers and leading IT companies such as Infosys, Wipro, have opened their offices here.
Q. Who are the new investors from UAE to India and what is the growth rate in health tourism sector from UAE to India ?
A. Many joint ventures have been set up by the UAE-based companies in India in recent years including those by Emaar, Dubai Ports World, ETA Ascon. With regard to health tourism, the idea of travelling to India at low-cost but for world-class medical treatment, is gaining in popularity. India has some of the best hospitals and treatment centres in the world with the best facilities. Emiratis going on self-expenses are already utilising Indian health services, including the Ayurvedic establishments and Spas.
Q.How the historical ties keep both nations attached to each other and what major events are planned for 2009?
A. From the firm mercantile foundations of the past when dates, pearls, clothes and spices were the main items of trade, commercial ties between India and the UAE have in recent years, acquired a new level of substance. Indians were present in UAE long before the oil was discovered and have played a vital role in the development of the UAE. Along with commercial relations, political and defence relations are also on the upswing.
In 2008, the India-UAE relations got new impetus by the visit of External Affairs Minister, Pranab Mukherjee and Minister of Commerce and Industry, Kamal Nath to the UAE. In June 2008, the second India-UAE Joint Defence Cooperation Committee meeting took place in Abu Dhabi . The first ever India-UAE Joint Air Forces exercise took place in September 2008 at Al Dhafra base in Abu Dhabi.
As far as major events in 2009 are concerned, there are plans to organise an exclusive India Trade Fair in Abu Dhabi in December 2009 by India Trade Promotion Organisation (ITPO) in association with Abu Dhabi National Exhibitions Company (ADNEC). This fair will showcase India’s industrial products and will also provide space for India ‘s services sector including IT, health, education and financial services.
Q.What are the new strategies for strengthening cultural and traditional bonds between the two nations?
A. An exclusive Indian Film Festival was organised in November 2008 by the Embassy in association with Abu Dhabi Authority for Culture and Heritage (ADACH) where eight Indian films in different languages were screened along with short UAE documentaries.
A Paintings Exhibition will be organised in Dubai in February 2009 for the paintings by Emirati artists and Indian artists living in the UAE. In March 2009, during the Abu Dhabi Book Fair, we will be organising a “Literary Encounter and Dialogue” with translations of some prominent Indian books (fiction, non-fiction and poetry) into Arabic under the supervision of Indo-Arab Cultural Centre at Jamia Milia Islamia, New Delhi.
On this occasion, some Indian authors will be invited to discuss literary issues with the UAE authors and other Arab invitees. After this, in October 2009, we will be mounting a major exhibition of Indian modern and contemporary art in Abu Dhabi .
The Indian Embassy has embarked on a major effort to familiarise Emiratis and the resident international community with various aspects of India’s rich heritage.
· anwar@khaleejtimes.com
The issue date will be on October 2, with the maturity date for the first issue due on October 30
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