India’s Dubai Trade Center office is to be shut down because of a lack of business, news reports say. The one-man office will close in the first week of August,
although some say the closure is surprising given that trade between the UAE and India is on the rise.
G.P. Srivastava, manager of the India Trade Promotion Organization (ITPO), was quoted as saying that the office "failed to establish the level of business between the region
and India which we had anticipated." He added the main reason for this was that many Egyptian companies had said they wanted to source goods from India and also set up
joint ventures, but nothing materialised. Two India Trade Fairs in 1993 and 1995 were also held, but didn’t bring in a sufficient amount of business. Further, low oil prices caused
an economic slowdown for a number of years.
The ITPO has offices in the U.S., Japan, Moscow, Brazil and Colombia.
Mr Srivastava said the Dubai office would be reopened if there was enough business in future.
- nriol.com report
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