India’s Minister of Commerce and Industry Anand Sharma on Sunday predicted that his country’s trade with the GCC would cross $175 billion early this year given “the strong dynamism in our two-way trade with the UAE”, which was close to $74 billion in 2012.
Sharma, who is here to co-chair the first meeting of the high-level task force on investment with the UAE today, said India is determined to rationalise and simplify the foreign direct investment, or FDI, procedure.
Outlining the recent policy initiatives like Invest India, e-biz, FDI reforms, he said the Indian government was also committed to provide “stability” and “predictability” in tax regulations. “The government is working on it and Goods and Services Tax is being pushed with all sincerity,” he said.
At a meeting of investors and businessmen organised by Indian Business and Professional Council, or IBPC, Sharma urged the Abu Dhabi sovereign wealth funds and UAE-based companies to invest in India’s infrastructure sector, especially in aviation, telecom, ports and road transport.
Read more: http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2013/February/uaebusiness_February303.xml§ion=uaebusiness
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