DIFC explores options for investment in India.
DUBAI -- DIFC, the financial and business gateway between the regional emerging markets and the world, has returned from a highly successful roadshow across India. DIFC met with a series of Indian banks and corporations to strengthen relationships through business opportunities which could be beneficial for both markets.
The senior DIFC delegation was led by Marwan Ahmad Lutfi, Deputy CEO and Head of Business Development, DIFC Authority, said a Press statement on Monday.
Marwan Ahmad Lutfi said: "The close proximity of the UAE and India has enabled our two nations to work efficiently and effectively together. Since the 19th century, the UAE and India have had very close economic ties which culminated in the 2009/2010 fiscal year, when the UAE became India's largest trading partner, with bilateral trade amounting to $43.5 billion."
"DIFC, as the global financial and business hub of the Middle East region and increasingly Africa, plays an important role in the development of the region as a whole. Over the course of our meetings in India, we successfully explored new investment streams for businesses, organisations and investors on both sides, which can only support and encourage the economic growth of our two regions.
"The UAE - India double taxation treaty allows for companies to effectively operate in the two countries. DIFC is playing an active role in making the most of this agreement in order to improve its position as a transparent, onshore, tax-advantageous domicile for investment funds."
DIFC is already home to many of India's leading banks, including Axis Bank, ICICI bank, IDBI Bank, Punjab National Bank and State Bank of India. Indian institutions use DIFC as a platform to access markets and economies throughout the rapidly developing Middle East and Africa region.
Kevin Birkett, Head of Financial Services at DIFC Authority, said: "We are delighted with the outcome of the trip and have seen a particular interest in DIFC from banking and asset management institutions. Indian companies realise the long term opportunities that our region offers and understand the benefits of using DIFC as a base. Given the Centre's strong legal and regulatory framework, these firms are able to effectively expand their operations across the region's emerging markets. We have had good feedback and expect to see a handful of new Indian financial services firms joining the centre this year." -- firstname.lastname@example.org
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