NEN organizes a discussion forum about "Doing business in India"

(NEN) Al-Waqyan Al-Awadhi, Al-Seif Law Firm, organized a discussion forum about doing business  in India with the collaboration of DLA Piper Office in Kuwait and Sager Associates.
The forum took place on Tuesday, November 17, 2009 in JW Marriot Hotel in the presence of the Indian Ambassador, Ajai Malhotra, and a number of businessmen, legal experts and interested parties.

The first partner in NEN, Attn. Emad Al-Seif emphasized on the deep historical relations between Kuwait and India in the field of Commerce and stated that the link between Kuwait and India goes back in history and is witnessed by old ships that we preserve in our historical museumsfinancial risks. Al-Seif was surprised by the low levels of commercial trade between Kuwait and India whereas Kuwaiti imports reached 203 million Dinars and the Kuwaiti exports to India 57 million Dinars in 2006. He called upon reinforcing and consolidating the commercial relations.

and referred to by many trade offices owned by some Kuwaiti businessmen that are still operating until this day. Al-Seif revealed that the object of the forum is the increase of investment awareness and direct the attention of businessmen towards the unique and safe investment reality as well as provide a series of legal rules for the parties that are interested in investment issues in order to prevent legal financial risks. Al-Seif was surprised by the low levels of commercial trade between Kuwait and India whereas Kuwaiti imports reached 203 million Dinars and the Kuwaiti exports to India 57 million Dinars in 2006. He called upon reinforcing and consolidating the commercial relations. The Ambassador, Ajai Malhotra, praised the relations between the two countries and pointed out that India is seeking to prove its presence in Kuwait through its products and open new nvestment doors before the Kuwaiti private sector. Malhotra also discussed the constituents of the Indian economy and its development in the field of communications, technologies and services. He declared that the Indian economy is stable and sustainable. Malhotra talked about India food production capacity as it is the major producer of milk, sugar and tea in the world and pointed out that India is also one of the most important stock exchange markets and the merit goes to its 10 thousand registered companies, 23 markets and its strong banking system.

Malhotra invited Kuwaiti investors to become more acquainted with the investment laws inIndia and take advantage of the new relatio between the two countries to elevate the investment level.


The Managing Partner in Infinity ConsultantsCompany, Seif Ahmad, stated that many obstacles hindered the development of the commercial relation between India and Kuwait namely the abstention of Indian companies to meet small demands of the Kuwait market with regard to ready clothes and fabrics. \

He added that the absence of an efficient mechanism to settle commercial disputes amicably is one of the most important obstacles that prevented the development of trades between the countries. Ahmad focused on the necessity to attract gulf investments to India through legal investment offices to guarantee its safety and prevent risks.

Furthermore, the Main partner in J Sagar Associates, Akshay Chudasama, said in its speech that the Indian Government abides by specific standards with regard to the ownership of investment companies by foreigners pointing out that the some sectors are forbidden to foreigners such as the agriculture. He added that the real estate sector witnessed a liberalization in 2005 the freedom of ownership became subject to some necessary governmental conditions.

Head of the Projects Department on Sagar Company, Amit Kabur, that India amended its legislations and added that the size of investments in highways sector reached 77 million Dollars whereas it reached 66 million Dollars in the communications sector. He alsonoted that the railway sector provides manyinvestment opportunities.

 



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