Industry & Economy
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Foreign Trade
India trade centre likely in Gulf region
Our Bureau
New Delhi
,
March 28
In order to facilitate India's exports to the Gulf region, there would be an India Trade Centre in the United Arab Emirates (UAE) on the borders of Sharjah and Dubai.
This was agreed at an interaction between the Union Commerce and Industry Minister Mr Kamal Nath and the Indian Business and Professional Council (IBPC) at a reception in Dubai on Monday evening, which was attended by over 300 non-resident Indian representatives of IBPC based in the Gulf region. The proposed trade centre would be largely business-driven and showcase India's products and capabilities in different fields, Mr Nath said.
Mr Nath who is on an official visit to the UAE and Muscat also met Sheikh Mohammed bi Rashid Al Makotoum, Vice President and Prime Minister of the UAE. During the meeting, Mr Nath conveyed India's concern over a new UAE law which stipulated that no company could have more than 34 per cent of its personnel belonging to any one nationality and that beyond this limit, the visa fee would be five times higher, making the company commercially unviable.
An official release issued here said the UAE market remains important as a major sourcing centre for other markets such as Iran, Iraq, Africa, and CIS countries. The emergence of UAE as a re-export centre is reflected in India's growing trade, as its trade volume last year crossed $7 billion with 38 per cent growth. India's imports from the UAE also grew by an impressive 122 per cent to reach $4.5 billion in 2004-05.
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