(NEN) Al-Wagayan & Al-Saif Law Firm, organized a discussion forum about doing business in India with the collaboration of 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.

Partner at NEN, Attn. Emad Al-Saif 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 museums. Al-Saif 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.

He also referred to many trade offices owned by some Kuwaiti businessmen that are still operating in India until this day. Al-Saif revealed that the object of the forum was to increase the 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. The Indian 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 investment doors in 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 Indian 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 ten thousand registered companies, twenty-three markets and its strong banking system.

The Managing Partner in Infinity Consultants Company, 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 readymade 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 his speech that the Indian Government abides by specific standards with regard to the ownership of investment companies set up by foreigners pointing out that the some sectors are forbidden to foreigners such as the agriculture etc. He added that the real estate sector witnessed a liberalization in 2005 where 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 development sector reached 77 million Dollars and 66 million Dollars in the communications sector. He also noted that the railway sector provides many investment opportunities.