Business leaders praise India's ties with UAE

Heads of companies such as UAE Exchange, Al Fara¿a Group, Jashanmal Group and DM Healthcare will mark 66 years since the country gained its independence from Britain.

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ABU DHABI // Indian business leaders in the UAE will take part in festivities today to mark their country's independence day.

The heads of companies such as UAE Exchange, Al Fara'a Group, Jashanmal Group and D?M Healthcare will celebrate India's Independence Day.

With trade between the UAE and India topping US$72 billion (Dh264.5bn) in 2011-2012 – making the UAE India's biggest trade partner behind China in that period – they have a lot to celebrate.

"The day is a very significant event and holds a special place in the hearts of all Indians around the world," said B?R Shetty, the founder and chief executive of New Medical Centre Healthcare and UAE Exchange. "It's a symbol of oneness that binds over 1.2 billion people together.

"Both the UAE and India are making significant progress across varied industrial sectors. India is a promising market and offers a number of prospects in the health and education sectors and I plan to invest significantly in both those areas in times to come."

Mr Shetty and the other business leaders pledged to further their contributions in their respective fields to better serve the Indian community and help boost bilateral trade and cultural relations between the UAE and India.

In addition to the 1.7 million Indians in the UAE remitting more than Dh37bn, business is booming in many other ways between the two nations.

This includes recent deals between Etihad and Jet Airways; investments in SmartCity at Kochi, in Kerala, by Dubai Holdings' Tecom Investments; and an expression by Abu Dhabi Investment Authority to invest up to $1 trillion over the next five years in infrastructure, said J?R Gangaramani, the president and executive chairman of Al Fara'a Group.

The chief executive of Conares steel company, Bharat Bhatia, said: "I wish all Indians a happy Independence Day and urge them to stand for the growth of their country to make it even stronger and more dynamic.

"India has shared a strong stand for peace and prosperity with the UAE, and the [Arabian] Gulf as a whole, for years. I hope that this strong tie between the two nations continues for generations to come."

The Indian ambassador to the UAE, M?K Lokesh, said: "Every year the bilateral trade between India and the UAE has been increasing.
"The figures for trade each side are more or less balanced. India has very healthy trade ties with the UAE."

M A Yousuf Ali, the managing director of the group that owns LuLu Hypermarkets, agreed that India needed to improve.

"As a proud Indian, I cherish the fact that India is the world's largest democracy with a very well-defined constitution, but I think there is still a lot more to be done to guarantee a better living standard for every citizen," he said.