The Hindu Business Line : `A platform to boost biz opportunities'

EVEN while Dubai is dressing up for the mega eleventh edition of the Dubai Shopping Festival, an equally, if not more, important event for India is coming up in the City of Gold.

Indian Merchants Chamber (IMC) has chosen, and rightfully so, Dubai as the venue for its 5th "India Calling" summit. The theme for this year's conference is "Towards Global Leadership Through Indo-Gulf Partnerships."

Mr Rajesh Kapadia, President, IMC, spoke to Business Line about the importance of this year's theme and the objectives of the conference.

The excerpts:

On why Dubai has been chosen as the venue for this year's summit:

The Gulf states have become the second largest trading partner of India with the turnover exceeding $12 billion. Over five million Indians — the largest expatriate community in the region — remit about $5 billion annually.

There is tremendous potential to boost the trade between both the countries.

The proximity to India and the traditional trading links make Gulf closer to this country. Hundreds of Indian companies are operating from various free trade zones in the Gulf.

Investment from UAE to India is also growing. Recognising this strategic importance of Gulf states, the chamber has chosen Dubai as the venue for this year's summit. The Dubai-based Indian Business and Professional Council and the Dubai Chamber of Commerce are supporting IMC to hold the event in Dubai.

On the theme...

The theme of the three-day conference is "Towards global leadership through Indo-Gulf partnership". GEC countries with surplus resources are looking for investment opportunities. Their joining India — the largest brainpower in the world — can make the partnership ideal in many sectors. India has emerged as one of the best destinations for foreign investments in the world. India has liberalised FDI in many sectors allowing 100 per cent foreign investments.

The topics for deliberations include oil and gas, finance, insurance and capital market, tourism and hospitality, healthcare, shipping and transport and free trade zones.

On the objective...

The main objective of the conference is to project India as a country of varied opportunities and explore the areas for boosting bilateral trade and economic relations between India and Gulf countries. The summit will be a platform for both Indian and overseas businessmen to work and explore long-term business opportunities.

On the delegates at the summit...

Around 250 delegates are expected from India. Apart from business delegates, several Ministers, bureaucrats, diplomats and professionals in various fields are expected to participate in the two-day conference. Mr Manishankar Aiyar, Union Minister for Petroleum and Natrual Gas, has agreed to be the chief guest. There will be at least four other ministers, including the Chief Minister of Maharasta, are expected. Around 200 delegates are expected from the UAE and other Gulf countries.

On potential areas of co-operation...

Oil constitutes major imports for India, accounting for about 30 per cent of India's total energy consumption. India ranks sixth in the world in terms of petroleum demand, out of which 70 per cent is met through import of crude oil. By 2010, India is projected to replace South Korea and emerge as the fourth largest consumer of energy, after the US, China and Japan.

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