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In cooperation with the Confederation of Indian Industry, the Department of Economic Development in Abu Dhabi (DED) will organize "Abu Dhabi- Mumbai Investment Forum 2011" in the Indian city of Mumbai on 20th October.
The forum will focus on the economic, business and investment opportunities enjoyed by the Emirate of Abu Dhabi and India with the participation of many senior officials from both countries as well as Indian industrial and commercial companies.
The Abu Dhabi delegation is headed by Muhammad Thani Al Rumaithi, Chairman of Abu Dhabi Chamber, other members include Muhammad Omar Abdullah, Undersecretary of DED, Muhammad Hasan Al Qamzi, CEO of ZonesCorp., Rashid Abdul Karim Al Baloshi, Executive Vice President of Industrial Zones at ADPC, Saeed Fadhel Al Mazroui, CEO of Emirates Aluminium and Shadi Malak, Executive Director-Commercial of Etihad Rail.
Muhammad Al Rumaithi, Chairman of Abu Dhabi Chamber , said on this occasion that Abu Dhabi-Mumbai Investment Forum comes at a time where investment relations between the Emirate of Abu Dhabi and India are witnessing tangible developments, as the investment opportunities are increasing between them with a steady growth in trade relations.
"The value of Indian investments in the Emirate of Abu Dhabi is estimated at AED 123 million, i.e. 0.24 percent of the total foreign investments in Abu Dhabi as per country of origin." "This forum aims to review the available opportunities and potentials between Abu Dhabi and India to increase the proportion of such investments and to create strategic partnerships at both the economic and trade levels in light of the opportunities and potentials enjoyed by Abu Dhabi which make it an ideal investment destination in the region." he added.
Al Rumaithi further explained that in 2011, the imports of Abu Dhabi from India increased by AED 1.7 million, i.e. around 2 percent of Abu Dhabi’s total imports, pointing out that India is ranked 13th among the countries that Abu Dhabi imports from.
"India is considered as one of the major trading partners of the Emirate of Abu Dhabi in the area of non-oil exports, with an increase in total exports in 2010 up to AED 434 million, accounting for 3.74 percent of total exports." He concluded: "The UAE is the fourth key trading partner of India after the U.S., Japan and China, where the main exports from India are agricultural products, textiles, precious stones and jewellery, IT technology and services and chemical and leather products. While its main imports are petroleum and its products, inorganic chemicals, iron and steel, fertilizers and plastics." In turn, Muhammad Omar Abdullah, DED Undersecretary expressed hope that this forum will serve as an important step towards building a long-term investment partnership between the Emirate of Abu Dhabi and India, noting that DED works as per the directives of the Government of the Emirate of Abu Dhabi aiming to create strategic partnerships with key international partners to achieve the economic vision 2030.
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