Chidambaram to visit Dubai to woo investments
With a view to attracting foreign investments, Finance Minister P Chidambaram will visit Dubai on May 26 and engage with sovereign wealth funds to sell the India growth story.
New Delhi: With a view to attracting foreign investments, Finance Minister P Chidambaram will visit Dubai on May 26 and engage with sovereign wealth funds to sell the India growth story.
The Minister is scheduled to meet his counterpart in Dubai and also hold bilateral consultations with the SWFs (Sovereign Wealth Funds) in his day-long visit to the Gulf nation, an official source said.
The visit is part of Chidambaram's global tour to attract foreign investments. He has held similar investor meets in Hong Kong, Singapore, Europe, Japan, Germany, Frankfurt, Canada and the US to attract foreign investment into India.
Currently, he is on the last leg of a 3-nation tour of the UK, France and Qatar on a similar mission.
Chidambaram has been emphasising that India offers "unlimited" investment opportunities in the infrastructure sector and the country is looking at spending USD 1 trillion over five years in areas such as roads, airports and seaports.
"What I am telling the investors here and the government here is that there is a huge opportunity in India, especially in infrastructure," he said during the latest tour.
India is betting big on foreign resources to finance the Current Account Deficit (CAD), which has widened to record high of 6.7 percent in October-December quarter of 2012-13.
In his earlier meetings with the investor community, Chidambaram had expressed India's commitment to economic reforms.
He also highlighted the measures proposed in the Budget 2013-14 for markets and investments to help the economy grow at 6.1-6.7 percent.
The Emir also expressed appreciation for the large, diverse, vibrant and highly regarded Indian community in Qatar.
Chidambaram underlined the robustness of the Indian economy, its vast potential, distinctive advantages as an investment partner and the other opportunities in India for business enterprises from Qatar.
He also interacted with prominent Qatari business leaders at a dinner hosted in his honour by Ambassador of India.
Chidambaram addressed an investors meeting organised jointly by the Embassy and the Doha Bank during which Chairmen, CEOs of several Qatari companies and heads of local operations of Indian companies and banks participated.
Finance Minister visited the complex of Hamad International Airport (HIA), Doha's new airport, on a tour conducted by CEO of Qatar Airways and HIA Akbar Al Baker.
Chidambaram also visited the renowned Museum of Islamic Art in Doha.
Chidambaram, who is on a 3-nation tour to seek foreign investments, had earlier visited London and Paris. He will leave from Qatar for New Delhi later tonight.