Press Information Bureau

Government of India

Ministry of Commerce & Industry

28-January-2013 14:05 IST

The Union Minister of Commerce, Industry and Textiles, Shri Anand Sharma met his counterparts from South Korea, UAE and Slovenia on the sidelines of the ongoing Partnership Summit at Agra today.

During his meeting with Sheikha Lubna Bint Khalid Al Qasimi, Minister of Foreign Trade, UAE, Shri Sharma informed that new opportunities have been created by the recent policy reforms in India and invited UAE to invest in various areas, especially in the infrastructures sector. The UAE Minister suggested that India should participate in ‘country presentations’ which is an important modality of making investment decisions in UAE. Shri Sharma and the UAE Minister agreed that the first meeting of the India-UAE High Level Task Force on Investment, for which Shri Sharma is the co-chair from the Indian side, should meet at the earliest. The co-chair from the other side is Sheikh Hamid Al Nahayan of ADIA. Shri Sharma also informed that a delegation of airlines Etihad of UAE will meet him in next couple of days. Shri Sharma emphasized that the total trade with UAE accounts for US$ 73.81 billion, with UAE being India’s top global partner, accounting for 9.02% of India’s trade with the world and consequently India attaches highest importance to our relationship with UAE.

In his meeting with Mr. Sukwoo Hong, Minister of Knowledge Economy of the Republic of Korea, Shri Sharma said that CEPA has led to improvement in trade but in order to achieve the targets, redoubling of efforts is needed in Textiles and Pharma sectors. The Korean minister briefed Shri Sharma about the candidature of Mr. Taeho Bark of South Korea for the post of DG WTO. Korean side raised the issue of delays in Posco project clearance emphasizing the importance of the project for enhancing the economic ties between the two countries. They pointed out that this is the biggest FDI proposal in India. Shri Sharma assured them on this count and said “we are concerned about the delays and will be conducting a review. The Prime Minister himself is monitoring the issue.”

Shri Sharma and Slovenian Deputy Prime Minister and Minister of Economic Development and Technology Mr. Radovan Zerjav reviewed the bilateral economic ties and witnessed the signing of three MoUs.

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Investment review assured for major foreign project, prompting diplomatic engagement and steps to expedite clearance and facilitation. Discussions secured assurances of an India-led review of project clearance for a major proposed foreign investment and agreement to convene the India-UAE High Level Task Force on Investment to advance infrastructure and facilitation measures; CEPA-driven trade gains were noted alongside targeted efforts in textiles and pharmaceuticals, and three MoUs were signed with Slovenia to deepen bilateral economic cooperation.