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CII to help rope in Gulf-based NRI investors to India

Confederation of Indian Industry President Rajesh V Shah has urged businessmen in the Gulf states to take advantage of the opportunities being thrown up by India's privatisation plans.

Addressing a meeting of businessmen hosted by the Consulate- General of India in Dubai on Saturday, Shah spoke, in particular, of the openings in the services and infrastructure sectors.

He also said the government was expected to soon announce permission for foreign direct investment in some more areas, such as housing and insurance.

He said the CII was willing, through its various overseas offices, to help non-resident Indian businessmen in this regard.

He also said the CII was actively considering a proposal to set up an office in Dubai.

Shah spoke about the Indian economy, in general, and the possible effect of the sanctions imposed on India by the United States and other countries after its nuclear tests in May.

He felt the sanctions would not have any major impact on India because of the size and resilience of its economy.

Shah said that, in fact, many investors in the West were seeking to increase their exposure to India.

He detailed the steps being taken by the government to revitalise the economy and move ahead on the path of liberalisation.

According to him, the effect of these measures, especially of those taken for the information technology sector, would be visible soon.

Indian ambassador in Abu Dhabi M P M Menon spoke about the growth in India's trade with the United Arab Emirates in the past few years. He said bilateral trade between the two countries had risen to $ 3.8 billion last year.

Indian Consul General in Dubai Prabhu Dayal and a large number of NRIs and Arab businessmen were present at the meeting.

The CII had launched a special initiative in this region in 1995 and set up a separate division for the area in 1996.

The organisation feels there is tremendous scope for further cooperation between India and this region, especially in the medium and small industry sector.

UNI