Speech by Her Excellency the President of India, Shrimati Pratibha Devisingh Patil at the Abu Dhabi Chamber of Commerce & Industry at Abu Dhabi, Uae

Ladies and Gentlemen,

It is an honor for me to be amongst the members of the Abu Dhabi Chamber of Commerce and Industry. The UAE in general and Abu Dhabi in particular, have made astonishing economic progress within a generation. Abu Dhabi has been transformed from a fishing village to one of the most-modern metropolises of the world. This has been possible not only because of the oil wealth but also due to the farsighted and visionary policies of the rulers of this country, especially the founding father of UAE, His Highness Sheikh Zayed bin Sultan Al Nahyan. Under the leadership of His Highness Sheikh Khalifa bin Zayed Al Nahyan, the UAE has continued to make significant progress on the economic front and the Abu Dhabi Chamber of Commerce and Industry has played a significant role in this regard.

The warmth with which I have been received in this country by its leaders reinforces my belief that our partnership will be an important element of the global economy in the years to come. Our prudent policies helped us to weather the effects of the economic crisis fairly well in comparison to other major economies. But we need to join hands to strengthen the current fragile recovery of the global economy.

India shares historical, trade and civilization links and cultural affinity with the entire Arab world, especially the United Arab Emirates. This makes us natural partners for the economic and social development of our respective countries. The Gulf region as a whole, is important for India not only because of geographical proximity and for meeting our energy needs, but also because of the large Indian Community, which is contributing to the growth of economic and business activities in the region, while acting as a bridge between us. The recent opening of the Sheikh Khalifa Special Economic Zone in Abu Dhabi will serve to enhance Indian economic presence in the Emirate of Abu Dhabi.

With an annual bilateral trade turnover of over US$ 43 billion, India and the UAE are leading trade partners for each other. Considerable potential exists between the two countries for further enhancing the present level of trade and economic cooperation. The UAE has become a gateway for our trade with the rest of the region. Our trade relations are more or less balanced and encompass diverse products. There is an element of complementarity in our trade. These strong fundamentals should be taken advantage of, so as to substantially increase our trade volume. Trade exhibitions are excellent ways of showcasing each other's potential areas for increasing trade and investment. There are large infrastructural projects being undertaken in the Emirate of Abu Dhabi in the transport, communication and energy sectors. There are many competent companies in India, both in the private and public sectors, which are successfully executing such projects abroad. The representatives of some of these companies are present here today. I call upon the members of the Abu Dhabi Chamber to develop joint ventures with these companies to undertake projects here as well as in other countries. There is need for reactivating the India-UAE Joint Business Council and increase the frequency of exchange of delegations between our apex chambers of commerce and industry. India has already started negotiating a Free Trade Agreement with the Gulf Cooperation Council countries, and we are hopeful of finalizing it in the near future.

India has emerged as the fourth largest economy in the world on Purchasing Power Parity basis. It is a trillion dollar economy which is vibrant and expanding. India's growth in the four years preceding the onset of the global financial crisis was around 9 percent. During the global economic crisis it came down to less than 7 percent. It is now expected to grow 8.5 percent in the current financial year and 9 percent in 2011-12. The strong fundamentals of our economy combined with a young population will continue to generate huge demand in every economic sector in India and especially in the area of infrastructure. India is an attractive destination for foreign investment. Therefore, it is only natural that we expect Abu Dhabi, being home to some of the largest sovereign funds in the world, to have a significant presence in the Indian economy. India has embarked upon an ambitious program of disinvestment in its public sector undertakings. India has a huge requirement for developing basic infrastructure like roads and ports, power generation and communications, among others. There are also a large number of Special Economic Zones in India that beckon UAE investors. I call upon the members of the Abu Dhabi Chamber of Commerce and Industry to promote investments from the UAE to India, especially in the area of infrastructure which will be mutually beneficial.

I thank the Abu Dhabi Chamber of Commerce and Industry for giving me this opportunity to meet with all of you. I hope that the Chamber will prove to be a catalyst in enhancing not only trade links, but also the more enduring partnership in long term investments and participation in each other's developmental efforts.

Wishing you all well, thank you.