(MENAFN- Khaleej Times) Indian Trade Fair Dubai 2013, a showcase of Indian products and services, opened on Tuesday at the Intercontinental Hotel Festival City.
Indian Ambassador to the UAE M.K. Lokesh opened the fair that has lined up about 100 companies from both public and private sectors.
Lokesh said the fair, showcasing a diverse range of products, would help boost the already booming trade between the Subcontinent and the Gulf.
M.K. Lokesh and Sanjay Verma inaugurate Indian Trade Fair Dubai 2013 on Tuesday. - KT photo by ShihabHe said the UAE, apart from being India's second largest trading partner with an annual bilateral trade of $75 billion in 2012-13, is also serving as a major point for re-exports to Africa and other countries. "Solo country fairs like Indian Trade Fair is expected to play a vital role in reinforcing the existing strong bilateral trade ties," said Lokesh.
The Indian envoy said Asia's third largest economy would overcome the current setback as the nation's economic fundamentals remained strong. "We are on track to regain a faster growth momentum over the next two years after touching 4.8 per cent growth last year. Given some of the world's largest economies are performing at a growth rate of one per cent or below, India's growth even at this level is no less significant."
He said the consistent fall of the rupee was mainly due to several external factors, including oil price surge and the exit of foreign institutional investors on concerns of US scaling back its quantitative easing, over which the country has no control. He hoped the economy and the currency would regain their intrinsic strength in the long-term.
The trade fair, running till September 5, is being organised jointly by Silver Star Corporation of Oman and Orion Silver Star Exhibition.
Consul General of India in Dubai Sanjay Verma, President of Indian Business and Professional Council Paras Shahdadpuri, various other dignitaries, diplomats, businessmen and general public were also present at the inaugural event.
P.D. Nath, managing director of Silver Star Corporation, said bilateral trade between India and the GCC region is expected to cross $175 billion from $145 billion in 2011-12. The UAE is India's gateway to the Gulf region and its extended neighbourhood comprising Iran, Iraq, in the Northern Africa and the CIS countries. "India is committed to strengthening and expanding cooperation with the UAE and there is indeed a vast scope to expand the two-way trade and investments. This exhibition will certainly open up new horizons of business growth to further enhance the existing India-UAE bilateral trade significantly," organisers said.
Major products on display at ITF Dubai 2013 includes engineering goods, automobiles, chemicals, pharmaceuticals, cosmetics, coconut products, cardamom, cotton textiles, electronics, IT and software, khadi and village industries products. Organisers said spot sales are allowed during the three-day fair. "There are many attractive consumer merchandise on display and for sale throughout the three days of the Indian exhibition. Brisk sales are expected."
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