DUBAI, 1 December 2005: Ahmad Bin Byat, Director General of Dubai Technology and Media Free Zone called on the Middle East - particularly the Gulf - and India to form closer relationships to maximise the competitive advantages that each has for mutual growth and prosperity
Bin Byat is leading a delegation from Dubai Holding which includes representatives from its various companies to the 21st Indian Economic Summit (27-29 November), which focused on talks and ministerial-level meetings with policy and decision-makers in Delhi.
Bin Bayt met with the Chief Minister of Kerala Oommen Chandy, Chairman of Wipro Azim Premji and President of Microsoft International, Jean-Philippe Courtois to discuss investment initiatives and ways of co-operation.
Following the meetings, Bin Byat pointed out that: "The Gulf has an impressive accumulated liquidity that is looking for interesting investments in its natural markets. With the largest pool of IT manpower in the world, a strong manufacturing industry and an important financial services sector, the Middle East - and the Gulf in particular - can highly benefit from India's current growth."
He stated that: "With the second biggest pool of English speakers, a strong system of higher education, important natural resources and a business-friendly government, India is ready to become a major player on the world economic stage.
"In 2004, India's GDP grew by 8.2 per cent and I hope to see greater growth through increased business relations in the next decade," he said.
The Dubai Holding Executive Chairman pointed out that the two-way trade between India and the GCC is of the order of $12 billion. "The sectors that we are looking at with the most interest are real estate, infrastructure, energy, retail, finance, entertainment and tourism," he said.
Bin Byat added that: "The GCC is India's second largest trading partner. It is also the largest single origin of imports into India and the second largest destination for exports from India. Dubai Holding has already announced a keen interest in India's potential."