A delegation from the UAE Ministry of Foreign Trade (MoFT) led by its Director General, H.E. Abdullah Ahmed Al Saleh, will participate in the annual Partnership Summit organized by the Confederation of Indian Industry in Chennai, India. The summit will be attended by the President of the Maldives, the Malaysian Prime Minister, and various other officials from India, the GCC, Asia, and Europe.
Mr. Manea Al Suwaidi, Director of a Department in MoFT, participated in yesterday's symposium, which focused on prospects for developing relations between the GCC and India.
Al Suwaidi noted that the UAE’s excellent investment environment and the positive economic developments experienced by the country have opened up various areas for closer cooperation between the Emirates and India. He added that business partnerships in accordance with the respective development needs of both countries and global conditions can easily be promoted. He also referred to the considerable efforts undertaken by MoFT to enhance trade relations between the UAE and its trading partners in order to boost domestic development and create regional economic prospects.
Al Suwaidi explained that it is now easier to start and operate a business in the UAE due to enhancements to development and investment capacity. He pointed out that the country jumped 14 points in the 2010 Ease of Doing Business index issued by the International Finance Corporation and the World Bank to rank 33rd globally, confirming the government’s strong commitment to further developing the Emirates’ business climate.
Al Suwaidi added that the UAE’s modern business environment, trade and economic openness, and advanced facilities for engaging in business and commercial activities have enabled it to rank among the 30 largest trading nations in the world, based on World Trade Organization indicators.
He said that the UAE placed fifth in among countries that have implemented reforms, in a World Bank 2010 report on doing business. He attributed the strong performance to three major reforms, namely, the abolition of the minimum capital requirement to start a project; the streamlining of construction permit issuance; and the strengthening of infrastructure as well as handling and shipping capabilities, which have significantly enhanced cross-border trade.
Al Suwaidi explained that the UAE has created an e-portal connecting customs ports which facilitates merchant transactions over the Internet, noting that the UAE is among the top 10 countries in the world in terms of ease of trading across borders. He also confirmed the UAE’s continuing quest to adopt best business practices to achieve sustainable development.
Al Suwaidi called on Indian business, economic and investment leaders to take advantage of the UAE’s competitive elements in order to implement investment projects of considerable benefit to the two countries. He said that there are numerous opportunities for economic cooperation and joint ventures between the UAE and India and that every economic sector offers excellent cooperative prospects.
He also pointed out that Indian traders and investors can benefit from the excellent geographical location of the UAE, which provides easy access to Southeast Asia, the Middle East, and Africa. He added that the Emirates has numerous world-class seaports capable of meeting all the service needs of huge ships and is thus one of the best maritime stopovers that India can partner with to boost its re-exports.
H.E. Abdullah Ahmed Al Saleh, on the other hand, will participate in a special summit session where he will focus on cooperative prospects between the UAE and India and the use of existing investment components in both countries.
