Abu Dhabi, 22 )ct. 2011 (WAM) – The Chairman of the Abu Dhabi Department of Economic Development, Nasser Ahmed Al-sowaidi, stressed the keenness of the Government of the Emirate of Abu Dhabi to build long-term strategic relations with India based on close cooperation in all areas, by exploring the possibilities of cooperation in the fields of science, knowledge, science and technology, industry, tourism and other economic activities.
This came in a word delivered on his behalf by his behalf by Mohammed Thani Murshid Al Rumaithi, Chairman of Abu Dhabi Chamber of Commerce and Industry, at the end of the activities of the Abu Dhabi Investment Forum in Mumbai, India last Thursday.
The high-level delegation from the Emirate of Abu Dhabi to the Forum included, Mohammed Omar Abdullah, Undersecretary of the Department of Economic Development, Muhammad Thani Al Rumaithi, Chairman of Abu Dhabi Chamber of Commerce and Industry, Mohammed Hassan Al Qamzi CEO of ZonesCorp, Rashid Abdul Karim Al Balochi, Executive Vice President of Industrial Zones at ADPC, Saeed Fadel Al Mazroui, CEO of Emirates Aluminum and Shadi Malak, Executive Director-Commercial of Etihad Railways.
Nasser Al-sowaidi extended his thanks and appreciation to all participants in Abu Dhabi Investment forum, which took place in Mumbai, to confirm the solid economic relations that are based on historical, social and cultural ties between UAE and India, and the constant interaction between the two countries.
“Indian expatriates’ community in UAE is reportedly the largest among other communities, where UAE hosts more than 1.7 million Indian expatriate”, Al-sowaidi said.
HE highly valued the contribution of the Indian community to UAE’s growth, through development of infrastructure, economic activities and sharing of technical expertise.
Nasser Al-sowaidi added that the traditionally close and friendly UAE- Indian relations developed into a strong partnership in economic and commercial fields; with both countries turning into strategic partners, especially in the two-way non-oil merchandise trade.
“The UAE-Indian non-oil trade, was valued at US$ 43.5 billion in Fiscal Year (2009-2010), whereas in the first half alone of the FY (2010-2011), the value of non-oil trade between the two countries stood at US$ 26.4 billion”, Abu Dhabi DED Chairman said.
Al- sowaidi added that UAE was the 6th largest source of crude oil imports to India in 2009-2010, which amounted to 11.6 million metric tons of crude oil.
In his speech, Al-sowaidi said: “UAE’s investments in India are concentrated mainly in five sectors: Energy (19.1%), Services (9.3%), programming (7.8%), Construction (6.8%), and Tourism and Hotels (5.6%) , however, the value of Indian investments in the UAE amounted to US$ 5.2 billion, which accounted for 7% of FDI inflows to UAE in 2007. The Indian investments in UAE concentrate in construction and contracting which acquires about US$ 1.5 billion in total and manufacturing activity with a total value of US$ 156 million”.
“The UAE offers various trade and investment incentives and advantages for Indian and international companies, such its strategic geographical location close to European and emerging Asian markets, the highly-competitive free zones that provide advanced services to investors”, Al-sowaidi stated. He also said that incentives included 100% transfer of capital and profits, diverse industries and non-oil sector activities, cheap energy sources, zero profit tax, no personal income taxes, and other advantages and incentives that made the UAE’s business and work environment one of the most competitive worldwide.
In his address to Abu Dhabi Investment Forum, Nasser Al-sowaidi emphasized that despite the significant decline in global FDI levels over the past two years due to the world financial crisis, the Emirate of Abu Dhabi was the second most attractive hub for FDI in the Middle East in 2010, with total investments amounting to about US$ 2.7 Billion, as stated in the “Financial Times” report on “FDI prospects -2011”.
Al-sowaidi said that the remarkable improvement in Abu Dhabi’s capacity to connect manufacturers and consumers with international markets, would guarantee a more flourishing and positive economic future for the Emirate. More info