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South Asia

FICCI signs MoU with Dubai business council

DUBAI - The Federation of Indian Chambers of Commerce and Industry has signed a Memorandum of Understanding with the the Indian Business and Professional Council here as part of the FICCI's efforts to enhance economic cooperation and attract investment from overseas.

Under the MoU signed by FICCI additional secretary General Bikas K Singh and IPBC president Ismail Hukkawala, IBPC will represent India's apex Chamber of Commerce in Dubai and the the chambers will offer IPBC free online access to its Business Information Services Network (BISNET).

IBPC will also offer the necessary infrastructure to FICCI in the United Arab Emirates (UAE). IBPC will also exchange information with FICCI on business and commerce related developments in the UAE, Hukkawala said.

A tie-up with the FICCI will also help bring senior Indian government officials, ministers and businessmen to the UAE for the benefit of the Indian business community here.

Under the agreement, both organizations will also exchange delegations aiming at further growth in business between the two countries, said Hukkawala.

Trade between the two countries has touched $3.5 billion and there are prospects for further growth in all the sectors. India exports mostly textiles, foodstuff, machinery, oil, petrochemicals, gold and fertilizers to the UAE while sourcing oil and petrochemicals from the Gulf state.

(Asia Pulse/PTI)

Aug 28, 2003

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