Namaskar

Good Evening

Dr Khater Massaad, CEO, RAK Investment Authority (RAKIA), distinguished guests, friends from the media, Ladies and Gentlemen.

I am delighted to be here amidst all of you at the Economic Times Global Business Forum on Ras Al Khaima: New Horizons for Growth being organized by Economic Times in Association with RAK Investment Authority, Government of Ras Al Khaima. I thank RAKIA for inviting me and giving me the opportunity to deliver the opening address at this important event.

Let me begin by talking in specific about relationship between our two countries. UAE’s economic, political and cultural links with India, which date back to more than a century ago, are matured and multi-dimensional. Bilateral trade has been growing steadily despite the global down turn over the last couple of years and people to people contacts are constantly on the increase.

Over the last few decades, Indo-UAE relations have grown impressively at all levels, resulting in a range of bilateral benefits.

Today, UAE is not only one of India’s biggest trading partner but (partner Number 1) second year in a row. UAE is ahead of US and China with total trade of over US$ 43.5 billion and UAE has emerged as the top most export market globally for Indian products. And we are also one of the major investors in India.

During the 2009-10 fiscal, India’s investment overseas was $ 10.3 billion. The Indian companies invested $ 484 million in UAE during 2009 - 10 and UAE ranks 7th in India's total outward investment table.
(Source: RBI website)

The UAE, is a longstanding commercial and business hub of the region, and has emerged as the world’s third major re-export centre after Singapore and Hong Kong.

“Thus, the UAE market is important to Indian businessmen for the opportunities it provides as a major sourcing centre for key markets such as Iran, Iraq, North and East Africa, CIS (Commonwealth of Independent States) and eastern European countries in addition to the GCC (Gulf Cooperation Council) countries,”.

Here I would like to quote World Bank's latest report "Doing Business in the Arab World 2009", which says the United Arab Emirates is the easiest country to do business in the Middle East. The report ranked UAE in the 14th place globally in its assessment of 181 countries.

Talking specifically of Ras Al Khaima, RAK is one of the seven pearls of UAE and Ras Al Khaima over the years has emerged as one of the premier investment destinations in the UAE. RAK is Winner of "Most Attractive FDI Destination in the Middle East" for 2008/09 from Financial Times Business, London.

You will be hearing in detail from the CEO and other officials about the opportunities that RAK presents for Indian business community and I would strongly urge all of you to look closely at the opportunity that RAK presents.

As Ras Al Khaimah opens up to a world of opportunities, I invite business organisations from India to be part of the continued progress of our economy. I am sure that you will find exciting new possibilities to expand your business horizon and achieve sustainable, long-term growth.

“Seminars such as these will go a long way in strengthening relations between the two countries, while maximising investment from the Indian business community in high potential business hubs such as Ras Al Khaimah.”

I welcome you all to RAK and UAE.

Thank you…