Auto Parts Ventures With Uae To Be Finalised Soon

A preliminary proposal has also been given to the Abu Dhabi Sea Port Authority (ADSA) to upgrade a western Indian port as a captive port for promotion of bilateral trade, Datta said.

Datta, who is leading a 15-member business delegation of the CII, told a panel discussion on engineering Indias future on Sunday that by the year 2020 India will be the fourth largest economic power after the United States, China and Japan.

Datta said the CII will sign a memorandum of understanding with the general industrial cooperation of Abu Dhabi to promote bilateral ties in the small and medium sector industries. Referring to the joint ventures in Abu Dhabi, Datta said they would give the Indian industry a further toe hold in the region though many companies had already established similar ventures.

The two Indian companies being involved in the latest joint ventures were not identified but were understood to be Menon automobiles from Kolhapur and VST industries from Hyderabad.

Indian consul general here, Prabhu Dayal said India offered incentives for investment in the core sector and called upon the business community in the UAE to cash in on the opportunities.

in India.