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Investments in India from United Arab Emirates have great potential to grow at a time when the ties between the two countries are poised for a quantum jump with the initiation of a strategic dialogue during the recent visit to India by UAE Chief of Staff Sheikh Mohammed Bin Zayed al Nahyan, outgoing Indian Ambassador K C Singh said.
Singh, who has been moved to Tehran, told a farewell reception hosted by the Indian Association in Dubai that though bilateral trade has consistently shown an upswing, the flow of investments from the petro-rich UAE to India did not reflect that robust growth.
He drew the attention of the large business community to a recent article by Union Divestment Minister Arun Shourie highlighting the quiet achievements of India which have made the country a name to reckon with not only in information technology but in areas as diverse as auto-components, paints, inks, tyres, laminated tubes, small cars and pharmaceuticals.
Singh's tenure in UAE saw the signing of the much-awaited extradition treaty in 1999, handing over some most wanted criminals to India, Sheikh Mohammed's visit to India and consolidation of India-UAE trade which stood at $3.5 billion a year now.
India and UAE had during Sheikh Mohammed's visit in July last signed an agreement on defence cooperation with UAE providing for, among other things, military training and co-operation in military medical services.
UAE, a major supplier of oil for India and home to over one million Indian expatriates, has been a major trading partner with India.