GOOD MORNING

H E Mr Vayalar Ravi, Overseas Indian Affairs Minister, H E Dr Omar Bin Sulaiman, Governor of Dubai International Financial Centre (DIFC) and Vice Chairman of Central Bank of UAE, distinguished guest, friends from the media, Ladies and Gentlemen.

I am delighted to be here amidst all of you at the International conference being organized by the Dubai International Financial Centre (DIFC) with the support of Federation of Indian Chamber of Commerce and Industry (FICCI). I thank DIFC for inviting me and giving me the opportunity to deliver a key note address at this important conference.

Allow me, my friends, to welcome you to the beautiful friendly city of Mumbai. A city that brings, nostalgic memories to the people of the UAE, and who in the past, saw all the world through Mumbai. It was Mumbai that gave them the opportunity to trade with the world and prosper. And we are here today because we believe that Mumbai still has that reputation and we recognize it.

The much anticipated event of the UAE-India business world is here: the interaction of the high profile entrepreneurs from my country and India.

The interaction between partners is always important to achieve the desired objectives. And such is the case with us.

Last week I was in Kolkata to address a business gathering, and I mentioned the fact that the UAE trade volume with India has increased by 53%. Immediately, a journalist asked me: Are we expecting the same rate for the following year?

At that moment, I felt the challenges and responsibilities and also the high expectations of the people which we need to meet.

When I look at our both countries, I see even more potential that has not been tapped. And there comes the role of the business people: To activate that hidden potential.

Allow me, my friends, to shed the light on some figures that you might find interesting:

• UAE trade volume with India reached 44.5 billion US Dollars which places us at the top of the list and makes us India's number ONE business partner.
• Our trade volume with India represents more than half of India's trade with the GCC countries which is 87 Billion US Dollars.
• The UAE is the tenth investor in India's Market.
• At the same time, India is considered to be the third investor in our market.
• The Indian Community is the largest community in the UAE, 1.75 million.
• 42.5% of the labor force in UAE are Indians.
• There are more than 475 weekly flights between our two countries.
• 64% of those are operated by UAE national airlines, which come to 304 flights per week.
• From Mumbai alone our three national airlines together operate 56 flights per week to UAE.

This is some of the potential.

And I see this gathering as a new approach which will further strengthen our solid relations. I believe that it will pave the way for more interactions and have fruitful outcomes.

Today, the meeting of DIFC is activating a new potential. I am confident that this conference will provide opportunities to the bankers, financial institutions and industry to understand each other better. The exchange of views and the ideas which are going to be generated here during the conference will certainly throw useful insights and better understanding on UAE and India's financial systems and identify areas of mutual co-operation.

I wish the conference all the best.

Thank You