The UAE Minister of Economy and Chairman of Investopia has called on the Indian private sector to sieze promising growth opportunities in the UAE, which is a vital link connecting the East and West and serves as a global trade hub.

 

“We consider the Indian business community as a key trade partner for the business sector in the UAE. We are confident that the commonalities in visions and strategies for expanding into new economic sectors will enhance fruitful partnerships led by the private sectors of the UAE and India, pushing bilateral relations towards more advanced prospects and prosperity,” Touq Al Marri said at the new edition of global dialogues, “Investopia UAE-India,” held in partnership with the Confederation of Indian Industry (CII), under the theme “Accelerating UAE-India Investment.” 

 

The Minister of Economy said the economic relations between the UAE and India continue to enjoy steady growth. This robust economic partnership has enhanced the vitality of trade and investment flows in their markets and various regional and global markets. The economic cooperation between the two countries creates business and investment opportunities for a population of over 3.8 billion.

 

Pioneering economic experience

Moreover, he highlighted the UAE's pioneering economic experience in accelerating the transition towards the new economic model based on knowledge and innovation. This includes the expansion into sustainable sectors such as environmental protection, circular economy applications, and clean energy. 

 

He also discussed legislative developments in the business environment, most notably the granting of 100% foreign ownership for companies and investors in key economic sectors, and the incentives and benefits offered to attract companies to the promising and opportunity-rich UAE market, stimulating fruitful business partnerships in the future sectors. This contributes to enhancing sustainable growth of the national economy and the doubling of national GDP to reach AED3 trillion ($820 billion) by the next decade.

 

Al Marri said: "Since its inception, Investopia has adopted an ambitious vision to stimulate investment and expansion into new and sustainable economic sectors, considering their importance as future sectors that support the sustainable growth of the world's economies. Today, we are witnessing a significant milestone through the new economy dialogues of 'Investopia UAE-India,’ launched in partnership with the Confederation of Indian Industry. The initiative sets a new roadmap for advancing investment in future economies, enhancing the benefits available to the UAE and Indian business communities from the promising investment opportunities created by these vital sectors." 

 

Strategic direction

He emphasised that Investopia's distinguished global dialogues support the strategic direction of the "We the UAE 2031" vision to transform the country into a global hub for the new economy in the next decade.

 

The event witnessed five panel discussions aimed at stimulating investment in new economic sectors, technology, tourism, family businesses, e-commerce, and innovation. They were aimed at exploring supportive solutions for expanding UAE-India partnerships in these sectors at the vital sector level. The event saw the participation of more than 40 officials and executives at the local, regional, and global levels.

 

R Dinesh, President of CII, stated: “It is necessary to capitalise on the opportunities arising from the recent COP28 conference hosted by the UAE that contribute to shaping a more sustainable future to ensure a legacy of prosperity for future generations. The UAE-India economic partnership is unparalleled, characterised by unprecedented business and investment successes. We will continue to work together to create opportunities and enablers for the growth and prosperity of the economies of the two friendly countries. This collaboration aims to build sustainable partnerships and strengthen economic relations between the two nations.”

 

Chandrajit Banerjee, the Director General of CII, said: “The India-Middle East-Europe Corridor (IMEC), unveiled at the G20 Summit, will contribute to a qualitative shift in trade dynamics, stimulating economic development across Asia, the Gulf, and Europe. This economic corridor creates a new era of shared cooperation and mutual understanding, reflecting the significance of the trade route.”

 

Exploring new avenues

“CII is committed to participating in important global forums, such as the Leaders' Summit of the I2U2 and the G20 Summit. Through our participation in 'Investopia UAE-India,' we look forward to enhancing cooperation to guide efforts in new and sustainable economic sectors, accelerating economic development, and exploring new avenues for collaboration with the UAE,” he added.

 

The first panel session, titled “The Role of the UAE and Indian Family Businesses in Shaping the Future of the Global Economy,” discussed prominent investment opportunities in family businesses in the UAE and India. It explored their role in the economic growth of both countries and mechanisms to support Emirati and Indian family businesses in enhancing economic and trade cooperation between the two nations. The session also delved into suitable strategies to elevate family businesses to more sustainable levels and integrate them into the global investment and trade system.

 

The second session, titled “Shaping the Future of UAE- India Cooperation in Technology, Innovation, and e-commerce” delved into the best practices in the technology and digital sectors and explored their role in accelerating the transition towards a knowledge-based and innovative economic model. The session also discussed areas of cooperation between the UAE and India in financial technology, e-commerce, and agricultural technology.

 

Top source market

The third session, titled “Sustainable Destinations: Crafting Environmentally Friendly Tourism Paths in the UAE and India,” focused on key areas of collaboration between the two countries in environmental sustainability, tourism infrastructure, and the investment opportunities available in these vital sectors. The session also discussed mechanisms to enhance joint efforts in waste reduction, energy conservation, and the use of renewable energy. Notably, India is one of the top five source markets for tourism to the UAE, with the UAE welcoming over 3.1 million Indian tourists in 2022, an increase of 900,000 visitors compared to 2021. The air traffic between the two countries witnesses over 1800 flights per month through UAE national carriers.

 

The fourth session, titled “Accelerating Partnerships between the UAE and India in Electric Vehicle Infrastructure and Sustainable Mobility” discussed the continued collaboration in the development of the infrastructure for electric vehicles and examined the necessary regulatory frameworks for green mobility by facilitating the adoption of sustainable transportation solutions in both countries.

 

Furthermore, the fifth session, titled "Unleashing the Potential for Business and Investment Growth between the UAE and India," reviewed the role of the Comprehensive Economic Partnership Agreement signed between the two countries in enhancing trade and investment flows in the upcoming phase. The session also explored supportive mechanisms for protecting and encouraging cross-border investments.

 

“Investopia UAE-India” marks the ninth event in a global series of dialogues and discussions. The initiative previously launched eight rounds of discussions targeting prominent global markets, New York, Geneva, New Delhi, Mumbai, Cairo, Rabat, Havana, and Milan. Investopia dialogues play a crucial role in supporting the UAE’s efforts to develop global economic policies and enhance investment in emerging economic sectors.

 

Third edition

The third edition of the Investopia summit 2024 is scheduled to take place on February 28 and 29. The summit will focus on the theme “Emerging Economic Frontiers: Investing in Fast-Growing Sectors in the New Economy.” It will bring together a diverse group of prominent local and international figures, including investors, government officials, decision-makers, and entrepreneurs. The summit will revolve around three main axes: Investopia Dialogues, Investopia Investment Communities, and Investopia Marketplaces.

 

Important milestones in Investopia events aimed at enhancing dialogue between the UAE and Indian business communities:

•Investopia’s global dialogues started with India, organising two sessions in Mumbai and New Delhi in September 2021. This marked Investopia's first event outside of the UAE.

•Investopia signed a memorandum of understanding with CII to exchange expertise, trade delegations, and knowledge content, as well as promote promising investment opportunities in the Indian and UAE markets in new economic sectors.--TradeArabia News Service