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UAE keen
on hightech cooperation with India
Thursday February 10, 2011 08:55:16 PM,
IANS
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New Delhi: Visiting
United Arab Emirates (UAE) Foreign Trade Minister Sheikha Lubna
Bint Al Qasimi Thursday said her country was looking at
co-operation with India in the fields of high-technology and
alternate energy sources.
"Earlier, our focus in India was for cooperation in energy and
services but now we are also looking forward to cooperation in
high-end technologies and alternate energy sources," said Qasimi
in her address at the 19th International Engineering and
Technology Fair here.
According to Qasimi, UAE has in the last decade invested around $2
billion in India and the country still remains one of the
preferred destinations for investments.
Qasimi also met Indian Commerce Minister Anand Sharma. Both the
ministers said there was enormous untapped business and investment
potential which can be further exploited to mutual advantage of
both the countries.
Sharma said there was considerable scope for co-operation in
knowledge based industries including technology transfer, research
and development (R&D) and for joint ventures (JVs).
Bilateral trade between India and UAE has registered an increase
over 300 percent in the last five years and stood at $43,469.50
million in 2009-10 from $12,945.87 million in 2005-06.
"Exports from India were up from US$ 8,591.79 million in 2005-06
to US$ 23,970.40 million in 2009-10. Similarly imports from UAE,
were up from $4,354.08 million in 2005-06 to US$ 19,499.10 million
in 2009-10," said an official statement.
India exports to UAE include gems and jewellery, petroleum (crude
and products), Basmati rice, machinery and instruments, and
metals. While, the country's import from UAE include petroleum
(crude and products), gold, pearls, precious and semi-precious
stones, metalliferous ores, metal scrap and non-ferrous metals.
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