IANS
Kolkata, Oct 24: The United Arab Emirates (UAE) is hopeful that trade with India would grow by more than 50 percent in the current fiscal.
"The total bilateral trade between the two countries for 2008-09 was almost $44.5 billion, compared to $29.1 billion in 2007-08, which is an increase of 53 percent," UAE Ambassador Mohamed Sultan Abdalla Al Owais told reporters here Friday.
"This year we would like to maintain the same level of 53 percent growth," Owais said.
According to the ambassador, investments in sectors such as infrastructure, aluminium and ports by the UAE would facilitate this growth.
The UAE is the 10th largest foreign direct investor in India, having invested more than $5 billion in the country.
India is the third largest investor in the UAE.
The UAE plans to invest $180 million to develop the first phase of a port at Kulpi in West Bengal, around 55 km from here.
Dubai-based DP World -- engaged in marine terminal operations and development, logistics and related services -- will develop the port and a special economic zone along with the state government.
The investment for the SEZ would be to the tune of $220 million, Owais said.