UAE to participate in Partnership Summit in Bangalore

Minister of Economy of the United Arab Emirates (UAE), Sultan bin Saeed Al Mansouri, will lead his country's delegation to the Partnership Summit 2014 to be held in Bangalore, India, from Jan 27-29.

The UAE delegation will include, among others, representatives of the ministry of economy, Dubai Export Development Corporation, Dubai Foreign Investment Office, Dubai Aluminium (DUBAL) and Sharjah Investment and Development Authority (Shurooq).

The Partnership Summit is the annual flagship event of the Confederation of Indian Industry (CII) organised in partnership with India's commerce and industry ministry.

Speaking on the importance of participating in the summit, Al Mansouri said it sought to achieve more cooperation and partnership in trade and economy and would give an opportunity to leverage the promising investment opportunities aimed at contributing to mutual benefits for the UAE and India and other participating countries.

He also pointed to the economic ties between the two sides, describing the UAE as the largest trading partner of India.

Trade volume between the two countries reached nearly $41 billion in 2012 while the UAE's imports reached $21 billion and non-oil exports, including re-exports, reached $20 billion in the same year. Al Mansouri added that total trade between the two countries reached nearly $200 billion from 2008 to 2012, with India ranking first in the list of trade partners of the UAE. 

He also mentioned that the UAE was the top trade partner of India during 2011-12, representing 10 percent of the total foreign trade of that country in 2012.

Undersecretary of the UAE's ministry of foreign trade, Abdullah Bin Ahmed Al Saleh, underscored the importance of joint projects in the information technology (IT), computer and other associated fields in order to meet the needs of the local and regional markets.

He also pointed out several multiple economic cooperation opportunities for establishing joint projects between the two countries.

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