Bank of Baroda (BoB) has launched an initiative to facilitate two-way flow of investments between India and the UAE, a senior bank offical has said.
"We have extensive network of about 3,000 branches in India, and fairly good presence in the UAE market. We will be ready to provide funds to the investors from both the countries and help them identify viable projects and suitable partners at the investment destinations," Ashok K Gupta, the bank's CEO, GCC Operations, said.
Bank of Baroda is the only Indian bank with full-fledged branches in the UAE.
Gupta said that the share of the UAE in the overall FDI flows to India is only one per cent and there is tremendous scope to enhance this.
India currently has very huge appetite for FDI considering its high economic growth levels and the massive expansion plans in infrastructure and several other sectors. "It will be difficult to give an estimate of the Indian investments in the UAE, because thousands of LLC firms are being run by Indian expatriates in Dubai," he said.
Last Tuesday, the bank organised a high-level meeting of corporate groups, banks, investment intermediaries and government agencies in Dubai as part of its initiatives to promote investments in both the countries.