DIFC Returns from Roadshow Across India to Strengthen Relationships through Business OpportunitiesPress Release 10 Apr 2011 08:23 am
DIFC, the financial and business gateway between the regional emerging markets and the world, announces today that it 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.
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 held a series of one to one meetings with leading Indian institutions and financial services players who are looking to increase their global reach. These organisations included banks, asset management firms, insurance companies, private equity firms as well as large non-financial corporates. 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, commented: “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.”
As part of DIFC’s international business development strategy, the Centre has put together an extensive roadshow plan that will target countries and regions around the world, including South America, the US, Europe and Far East.
DIFC’s transparent regulatory framework and trusted legal system allow companies from around the world to operate and grow their financial and commercial activities under an internationally-accepted business environment. DIFC, based in the heart of Dubai, is one of the world's top international financial centres, owing to its modern infrastructure and free zone status. Currently, 16 of the top 20 global banks, 8 of the world’s largest asset managers and 4 of the world’s 5 largest insurers, 6 of the top 10 global law firms have all established a presence in DIFC.