Dubai, Aug 21: Investments in India from UAE have great potential to grow at a time when the ties between the two countries are poised for a quantum jump with the initiation of a strategic dialogue during the recent visit to India by UAE Chief of Staff Sheikh Mohammed bin Zayed al Nahyan, outgoing Indian Ambassador K C Singh said.
Singh, who has been moved to Tehran, told a farewell reception hosted by the Indian Association here that though bilateral trade has consistently shown an upswing, the flow of investments from the petro-rich UAE to India did not reflect that robust growth.
He drew the attention of the large business community to a recent article by Union Disinvestment Minister Arun Shourie highlighting the quiet achievements of India which have made the country a name to reckon with not only in information technology but in areas as diverse as auto-components, paints, inks, tyres, laminated tubes, small cars and pharmaceuticals.
Singh's tenure in UAE saw the signing of the much awaited Extradition Treaty in 1999, handing over some most wanted criminals to India and Sheikh Mohammed's visit to India and consolidation of India-UAE trade which stood at USD 3.5 billion a year now.

India and UAE had during Sheikh Mohammed's visit in July last signed an agreement on defence cooperation with UAE providing for, among other things, military training and cooperation in military medical services.



UAE, a major supplier of oil for India and home to over one million Indian expatriates, has been a major trading partner with India.


Bureau Report