New Delhi, May 20 (KNN) In order to promote bilateral trade between India and Gulf Corporation Council (GCC) in areas such as infrastructure, construction, renewable energy and oil and gas among others, PHD Chamber of Commerce and Industry in association with Brands Academy will be organizing a day long Indo-UAE Global Investment Summit – 2016 on 24^th of May at Dubai.

The Summit will also explore prospects for expansion and diversification of trade opportunities that already exists between India and GCC nations for enhancing their scope for future so that basket of two way trade is widened and broad-based by showcasing the business strengths of the respective countries during the summit.

‘It is for the first time in recent history of any chambers of commerce and industry associations in India that the PHD Chamber has taken such an initiative to organize such a conference at this scale and that too at a place in Dubai from where the potential of GCC could be well explored to promote and cement business interests of India Inc with its counter parts in multiple sectors as identified above’ said the Vice President of the Chamber Anil Khaitan.

The Summit assumes a special significance since it is being held following a recent visit of Indian Prime Minister to Dubai on his way back home from USA and other countries in which he had specially laid and emphasis for closer economic and trade related corporation between India and Middle East given their potential and history of mutual respect.

According to the PHD Chamber, the conference also assumes a significance in view of the fact that India has emerged as the new frontier of investment opportunities, especially with the new initiatives by its government to facilitate trade and investment, encourage the investment institutions of UAE to raise their investments in India, including through the establishment of UAE-India Infrastructure Investment Fund.

According to estimates, with this fund in place, it is expected that the trade basket of India and GCC would be reaching a target of USD 75 billion in due course of time for rapid expansion of next generation infrastructure, especially also in railways, ports, roads, airports and industrial corridors and parks.