Patil asks community to retune itself to grab opportunities in UAE

Abu Dhabi: The profile of Indian workers in the UAE has been transformed in recent years, which reflects the UAE economy's growth as a knowledge economy, according to Indian President Pratibha Patil.

Over the time, the profile of the Indian community in the Gulf is undergoing transformation, Patil said in a speech at her first public function in the UAE at the Indian Social and Cultural Centre (ISC) in Abu Dhabi on Monday evening during her maiden state visit to the Gulf region.

"Though large numbers of Indian skilled workers were employed in the UAE in the 1990's as a result of the construction boom, gradually more and more professionals in the fields of finance, banking, insurance and information technology have gained employment in this friendly country," she said while addressing the Indian community in the capital in the fully packed ISC auditorium.

"This transition in the profile of the Indian community is reflective of the UAE economy, which is gaining momentum in the knowledge based service sector," the president said.

"By providing highly skilled service at a competitive cost, your role has proved to be important for the UAE. Your sustained remittances to India over the years have contributed to the foreign exchange reserve of India," she explained.

Patil highlighted that India is the biggest recipient of foreign remittances.

Baharathsinh Solanki, Indian minister of state for power who is accompanying the president, M.K.Lokesh, Indian Ambassador to the UAE, M.A Yousuf Ali and B.R. Shetty, patrons of the ISC, Thomas Varghese, the president of the ISC and Ramesh Panicker, general secretary of the ISC, also attended the function.

Patil said she was impressed with the ISC and its facilities. She congratulated the ISC leaders for their good work for the community.

Indian professionals to play major role

Patil pointed out that the UAE is going through a significant transformation.

The space for India to play an increasing role in this transformation is widening, she said.

More employment avenues will open up in knowledge based industries like IT , finance and insurance, as the UAE economy is bracing for larger role by the service sector, the president said.

"This will ensure that there will be demand for senior executives and professionals for some more years to come,'' Patil said.

The UAE will remain as one of the largest trading partners for India and a gateway for Indian exports to the region, the president said.



Infrastructure financing: India needs $1tr in next 5 years

Despite the global economic downturn, the Indian economy has witnessed rapid and sustained growth, Pratibha Patil said.

"The macro economic fundamentals are sound and so wee seek to further expand our growth. Our infrastructure financing needs are estimated to be $ I trillion in the next five years," she explained. India offers a large and growing market, Patil said.

Source : Gulf News, Nov 23,2010