New Delhi, Feb 10 (IANS) 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.