Visiting Indian External Affairs Minister Pranab Mukherjee said a massive programme of public investment has been initiated and the involvement of private participants, from India and abroad, is welcome in this endeavour. "As far as UAE is concerned, there are many opportunities for investment in the entire value chain for petroleum, including refining, product pipelines, storage and retail as well as for natural gas. I strongly urge investors and entrepreneurs of the Gulf region to avail themselves of the exciting new opportunities in India."

In a statement e-mailed to Khaleej Times yesterday, the minister said it is India’s intention to continue to build and promote close relations with the UAE. "We are in a phase today where many of our needs complement each other."  He said nearly five million Indian nationals are today working in the Gulf countries.

The UAE continues to be an extremely close economic partner of India, he said. "Our bilateral trade reached last year a record figure of $21 billion, dominating the trade of $47 billion with the entire GCC.

“Today, the UAE is perhaps the third largest destination for India's exports after USA. India's exports of $12 billion in 2006-07 to the UAE constitute a 40 per cent increase over the previous year's figures, " he observed.

According to the minister, over 12,000 firms and companies registered in Dubai have Indian ownership. He said the Indian economy has now moved decisively to a higher growth-phase.

In terms of purchasing power parity, India's GDP was estimated at $ 4.73 trillion by the World Bank in 2007, making it the third largest economy in the world. "India today is a success story not just in the services sector, but also in manufacturing. Rapid strides are being made in transport, communication and construction activities. These factors make India one of the most attractive investment destinations in the world."