DUBAI, 26 November 2006 -- Mohamed Ali Alabbar, chairman, Emaar Properties, will co-chair the India Economic Summit organized by the World Economic Forum (WEF) in New Delhi from today through Tuesday. Having announced the largest foreign direct investment (FDI) of $1 billion in the Indian real estate sector, Emaar also underscores the Arab World's presence at the event as summit supporter.

Indian Finance Minister P. Chidambaram will be the special guest at the main plenary session themed "India in a world at risk" in which Alabbar will share the panel with senior Indian government officials, industry leaders and professionals. Alabbar will also play a key role as panelist at two sessions on a crucial debate on the key challenges faced by India.

Reliance Industries Chairman Mukesh D. Ambani, TNT Chief Executive Officer Peter Bakker, SABMiller Chief Executive Graham Mackay, Infosys Technologies CEO and Managing Director Nandan M. Nilekani and KPMG International Chairman Michael Rake are the others co-chairing the summit.

In its 22nd year, the India Economic Summit is organized by World Economic Forum in association with the Confederation of Indian Industries (CII), a non-government and industry-managed organization that plays a proactive role in India's development process. Bringing together key decision makers from all sectors of the economy, the summit is perceived as an effective forum that shapes the country's growth agenda.

"India is steadily closing in on a 10 percent economic growth rate," said Alabbar. "The record GDP growth rate of nine percent in the first quarter of 2006 proves that the country has moved beyond being a 'call center destination' and displays a broader platform for growth. As India's industries become tomorrow's suppliers to global markets, India will move toward in excess of $800 billion GDP in 2007."

The summit will explore the many facets of the country's economy under four thematic pillars -- state and national competitiveness; managing growth; infrastructure development and risk management. "India's long-term growth rate will depend on interdependence of the global and domestic aspects of the economy and the nation's ability to be self-reliant in managing its affairs and driving growth," Alabbar said.
 

© Arab News 2006