Speech by Her Excellency the President of India Shrimati Pratibha Devisingh Patil at the Syrian Indian Business Summit.

I am glad to participate in this important event which brings together the business communities of India and Syria. Bilateral trade links date back at least 4000 years. Apart from direct trade, Syria, in the centuries past, was the meeting point of traders from the East and the West and continues to be a hub in contemporary times. We should renew our focus on bilateral economic and commercial ties, which at current levels is far below potential. The Bilateral Joint Commission that met in Damascus in June this year, identified ways of strengthening these ties, including doubling bilateral trade levels in the next 2 to 3 years. We should now take it forward.

Both India and Syria are expanding economies that have successfully weathered the global economic crisis. This was possible due to an effective regulatory framework and a prudent monetary policy. Also, exposure to toxic assets and dependence on exports for growth was low. India is likely to register 8.5 percent growth in the current year, which should offer plenty of opportunities for the Syrian business community. I am confident that this growth rate will be sustained in the coming years also. I am glad to be informed that the Syrian economy has also been doing well, and that the outlook for the future is good. Syria is committed to economic reforms and has ambitious development plans, particularly in the infrastructure sector. I am sure that the India business delegation will identify several avenues to involve itself and contribute to Syria's developmental plans. Indian companies are already involved in the development programme of Syria. OVL is engaged in exploring for and production of oil; BHEL is putting up a power plant; and Apollo International is extending assistance in the modernization of the Steel Rolling Mill in Hama. MECON is close to completing a feasibility report on utilization of phosphatic resources of Syria. This, I am hopeful, would lead to greater Indian interest in this sector.

Ladies and Gentlemen,

Over 13 centuries back, in 662 A.D. a Syrian scholar monk Severus Sebokht recognised with appreciation the skill of Indians in computing and said 'their computing �� surpasses description'. By way of expressing gratitude to Sebokht for his prescient remarks, we are setting up an IT Centre of Excellence in Damascus. The Centre would become operational very soon. This would, no doubt, contribute to the growth of the IT sector in Syria.

An important item on the agenda for my talks with His Excellency President Assad was strengthening of bilateral, commercial and economic links. I was struck by the keen interest that President Assad evinced in this subject. I am thankful to him for the personal attention that he pays to relations with India. India and Syria are committed to inclusive growth or growth with social equity. The business community can and should contribute in this effort and the Governments would be happy to assist in this process, by creating a conducive environment.

FICCI and CII have signed MOUs with the Federation of Syrian Chamber of Commerce and the Federation of Syrian Chamber of Industry respectively. These have facilitated frequent and closer contacts between the business communities of our two countries. Today we are launching the Syria-India Business Council. The formation of this Council would add to efforts to further strengthen trade and economic ties. I am confident that the Council will function effectively, will disseminate information on opportunities in the two countries, work closely with the Governments in addressing the specific problems that hinder the smooth flow of commerce and bring the business communities of the two countries closer, so that they become partners in development efforts. I extend felicitations to the two co-chairpersons Mr. V.R.S. Natarajan of India and Mr. Ali Khwanda of Syria and members of the Council, and wish them every success in what they are setting out to do.

I am sure that all of you would find the interaction that would follow this session fruitful. Let me wish the business persons every success in their efforts to see that the economic and commercial engagement between India and Syria further expands.