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UAE urges India to relax foreign investment rules

27 March 2007

NEW DELHI -- The high-level UAE delegation accompanying His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, called for relaxation of India's rules and regulations on foreign investment, especially in stock markets, as well as in the field of IT, telecom, and infrastructure development.

The delegation, comprising seven ministers and senior government and chamber of commerce officials, also called for the opening up of India's banking sector and the stock markets to facilitate direct investments by GCC nationals.

Shaikha Lubna Al Qasimi, UAE's Minister of Economy, addressing a high-profile business meeting hosted jointly by Assocham, FICCI and CII, India's three apex business groups in the presence of Shaikh Mohammed, said the UAE and India should foster strategic partnership in several sectors to boost bilateral economic ties.    "There is an opportunity for growth in India's Islamic banking for which our banking sector can significantly contribute," she said.

Obaid Humaid Al Tayer, Chairman of Dubai Chamber of Commerce and Industry, said the private sectors of both UAE and India should act to forge ahead with their partnership rather than waiting for the governments to facilitate it. "As the global competition is on the rise private sectors of both countries should grab the opportunity for a partnership in growth."

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