Chidambaram to visit Dubai tomorrow to woo investments

Chidambaram to visit Dubai tomorrow to woo investments New Delhi: With a view to seek foreign investments, Finance Minister P Chidambaram will be visiting Dubai on Sunday to sell India's growth story to sovereign wealth funds.

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 (including Germany), Japan, Qatar, Canada and the US to attract foreign investment into India.

Chidambaram has been emphasising that India offers "unlimited" investment opportunities in the infrastructure sector and the country is looking at spending around USD 1 trillion over five years in areas such as roads, airports and seaports.

During his latest tour, the Finance Minister had said he told investors and the government there that there is a huge opportunity in India, especially in infrastructure.

India is betting big on foreign resources to finance the Current Account Deficit (CAD), which had widened to record high of 6.7 per cent 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 investments and markets to help the economy grow at 6.1-6.7 percent.

PTI