More investment flows between the UAE and India should be promoted, and the scope for investments should be widened to address new rewarding sectors, said Mohammed Sharaf, assistant foreign minister for economic and trade affairs, UAE.
Sharaf was delivering a keynote address at the inaugural edition ‘The Economic Times India UAE Strategic Conclave 2017, organised under the patronage of Sheikh Nahyan bin Mubarak Al Nahyan, the UAE Minister of Culture and Knowledge Development, in Dubai. The two-day event was attended by business leaders and senior government officials and kicked off giving a further fillip to the bilateral and business relations between the two countries.
“There are direct economic gains to cover the strategic goal of safeguarding and boosting both countries’ status as major trade hubs and key gateways to regional and international markets. The significant economic interconnectivity in quantitative figures to emphasise on the alignment of the UAE’s and Indian economic interests, and to stress that the prosperity of one country’s economy will yield flourishing trade and investment flows to the other,” said Sharaf.
He reiterated the interconnectivity of the UAE and the Indian economies is evidenced by the $35.8 non-oil trade and $6.9 billion oil trade in 2016. With this volume of bilateral trade, India remains as the second top market for UAE’s oil and non-oil exports, while the UAE represents the second biggest market for Indian goods worldwide. The maritime sector, which includes ports, shipping and blue economy, is one example of the not fully realised potentials that can be targeted by UAE-India bilateral initiatives.
He highlighted the visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to India at the beginning of this year, and the inauguration of the comprehensive strategic partnership between the UAE and India, exemplify a major milestone that aims to take the already strong relationship between our countries to a higher altitude. The distinguished relationship between the UAE and India is the result of the insightful vision of both countries’ leaderships, and following accumulative efforts demonstrated by the public and private sectors in our countries.
The strategic partnership will build upon a concrete economic base to unlock the potential of enhanced cooperation and materialise all possible synergies in existing and new sectors. The alignment of economic interests, in addition to close political, security, and cultural ties are vital motivators and enablers to materialise our leaderships aspirations for an effective and fruitful strategic partnership.
While speaking at the Conclave, Vipul, consul-general of India in Dubai, said: “This is the continuation of the relationship founded on the success of the two countries continued commitment to boost mutual bilateral ties. The bilateral, trade and strategic relation between the UAE and India is expected to grow significantly in the coming years. India is looking for a significant amount of investment from the UAE that will help substantially augment the trade and investment relations between the countries. The economic ties between India and the UAE dates back hundreds of years and we are proud of the two countries’ sustained efforts to strengthen this relationship further.”
Commenting on successful start of the Conclave, Deepak Lamba, president of Times Strategic Solutions, said: “The Economic Times India UAE Strategic Conclave 2017 has been conceptualised as a platform to promote mutual understanding and cooperation between policy and business leaders of the two countries. We are happy to bring all these leaders together at the Conclave aimed at exploring the potential of bilateral and business ties between India and the UAE.”
“The Conclave had sessions on some key areas of mutual interest and cooperation between the two countries. As we have witnessed today, the Conclave will discuss challenges and opportunities concerning investments in both the countries,” he added. The Economic Times India UAE Strategic Conclave included a variety of panel discussions and sessions aimed at addressing the policy framework and guidelines needed to attract investors, sovereign wealth funds, large corporate houses and industries. The two-day Conclave focused on areas that should be tapped for growth and this included matters of defence, energy, security and maritime trade, among other issues.