Dubai's GDP grew by seven percent and total foreign trade by 13 percent in 2002, according to Ahmad Al-Banna, deputy director general, Dubai Chamber of Commerce and Industry, who was speaking Wednesday, March 5, on the sidelines of Chemtex and Corrosion trade show.
Addressing the ‘India: Your Partner – from Concept to Commissioning’ seminar at the show, the region's international exhibition for the chemical, petrochemical, chemical process technology, corrosion control and management industries, Al-Banna said Dubai's strong economic growth will create new business opportunities for Indian companies.
"Total bilateral trade, through Dubai's ports, exceeded two billion dollars in 2002. We fully expect this figure to reach a new high in the coming year. In addition the number of Indian businessmen and companies operating in the country is increasing, especially in the free zones," said Al-Banna.
The deputy director general issued an open invitation to specialized Indian companies to participate in the development of Dubai's infrastructure and economic growth. "Dubai is continuing to invest in strategic projects with a special emphasis on the high technology, small to medium manufacturing, Information Technology (IT) and communications sectors as well as our hospitality and tourism industries," Al-Banna said.
"I assure you of our commitment to work with you to accelerate the pace of investment in both the United Arab Emirates (UAE) and India." In his keynote address to the seminar, India's Ambassador to the UAE, H. E. K C Singh said the Emirates is now India's second biggest trade partner after the USA, having over taken Hong Kong in 2002.
He urged Indian companies to be imaginative in their approach to business in the Middle East. "As a general principle we should think in terms of bringing energy intensive industries to the region instead of transporting the energy to India," said Singh. "This will enable Indian companies to remain price competitive, especially in the face of competition from countries, such as China, that have their own energy resources."
He also urged Indian companies to consider joining forces when tendering for large projects. "There is a perception, in this region, that size is equal to strength. The result is that European companies win huge contracts on a turn key basis and we are left to sub contract. What we need is for some of our Indian companies to add their strategic strengths together and then to enter with a certain critical size so that they are taken seriously," said Singh.
The seminar program, that focused on India's power and process industry and its engineering, plant and machinery sectors, was held in conjunction with the country's national pavilion at Chemtex and Corrosion Middle East 2003, housing 20 companies.
"The GCC is an increasingly strategic market for Indian chemical industry companies. Exports of chemicals and allied products to Dubai, alone, have increased by over 30 percent in the past five years, while regional re-exports have risen by more than 117 percent," said Indra Mohan, president pf India-Tech Foundation, an apex industry association for international techno-economic co-operation. "Globalization means that India's chemical industry must prioritize new markets. Our historic trading relations with the Middle East make the region a natural business partner."
Organized by International Expo-Consults (IEC) Chemtex and Corrosion Middle East 2003 is 25 percent larger last year. It features 70 companies and industry organizations, with for the first time, a Chinese national pavilion. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
