Dubai delegation explores ways to boost trade ties with India

The Dollar Business Bureau In an effort to strengthen trade ties between India and the UAE, a delegation from the Dubai International Financial Centre (DIFC) visited Mumbai to explore new investment opportunities. The delegation of the federal financial services body held a series of discussions with the objective of introducing the financial hub and elaborating on Dubai's potential as a competitive business destination. The delegation held direct meetings and attracted the interest of close to 50 existing and new clients keen to benefit from DIFC's widely-appreciated regulatory framework, legal systems and enabling infrastructure, the DIFC said in a report published on its website. “The historic economic cooperation between the UAE and India serves as a strong foundation for our two countries to strengthen ties in areas of mutual interest. DIFC is keen to leverage the vast investment prospects to create lucrative economic, commercial and investment partnerships besides attracting industry expertise and skilled manpower,” Chirag Shah, Chief Strategy and Business Development Officer of DIFC Authority, was quoted as saying in the report. Shah who led the delegation said that the DIFC has got overwhelming response from banks, wealth managers, insurance outlet providers and professional firms from India that are looking at expanding their presence in the markets of the middle-east and Africa. According to a recent study, nearly 26,500 companies from the Indian subcontinent operate in the Arab world and have invested around US$ 52 billion in the region. More than 20 Indian banks and financial institutions including State Bank of India, ICICI, Axis Bank, IDBI Bank and Punjab National Bank have already opened offices in the UAE. DIFC provides a platform for Indian financial institutions and corporations to leverage the growing demand for structured finance advisory, corporate finance and capital market solutions across the region.      

This article was published on April 21, 2015 –8:05 pm IST.