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Dubai ideal centre for investments by Indian industry: Soota

PTI - Dubai

Dubai is the ideal offshore financial centre for the Indian industry, the president of the Confederation of Indian Industry Mr Ashok Soota has said. “India has a US$ 300 billion retail sector where Dubai could come in. Dubai could be the stable hub that could be the bridge between India and the West (in trade and business),” Mr Soota told a meeting of the Indian business council here recently.

“Dubai is a large financial centre. Multimillion dollar investments can be sourced through Dubai,” Mr Soota, who was here to address the Dubai Strategy Forum, said. He also pointed out that 203 of the 1000 Fortune companies were working with firms in India which was also an emerging leader in biotechnology. Addressing the meeting, Mr Mirza Hussain Al Sayegh, an influential Dubai official, said India with its skilled labour and abundant raw material and Dubai as a freeport could join hands for mutual benefit. Stating that Indian software exports are going to hit over US$ 50 billion per annum by 2010, Mr Soota said, “India is the second fastest growing economy in the world but needs to do better in infrastructure and should have more special economic zones”.