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Our Bureau

BIZ FOCUS: The Vice-President and Prime Minister of the United Arab Emirates, Shaikh Mohammed-bin Rashid Al Maktoum, the Minister for Commerce and Industry, Mr Kamal Nath, and the CII President, Mr R. Seshasayee, at a meeting with Indian businessmen in the Capital on Monday. — Kamal Narang

New Delhi March 26 The United Arab Emirates on Monday sought closer cooperation with India to enhance bilateral trade.

Addressing a meeting organised by industry chambers Assocham, CII and FICCI, the Prime Minister of UAE, Shaikh Mohammed-bin Rashid Al Maktoum, said that the present level of two-way trade was much below the potential. India and UAE could beat the emerging economies in Asia and Gulf by closely working together.

The two countries have rich cultural and historic relationships that can be strengthened by frequent visits of high-level authorities of both the Governments, he said.

Joint ventures should be established in the areas of mutual benefits, said the Prime Minister of UAE. The identified joint areas for mutual cooperation include oil and gas, power, health, construction, real estate development, chemicals and fertilisers, pharmaceuticals and third world exports.

Speaking on the occasion, the Commerce and Industry Minister, Mr Kamal Nath, emphasised the need for organic partnership between the two countries so that their trade volumes register multiple growth and emerge as the largest trade partner in the region because of synergy in their relationship.

Mr Nath said that the two nations should also strive to take on the emerging competition from China. This would be possible if real economic convergence between the business interests of India and UAE take place, he said.

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