UAE-India businesses upbeat
The forthcoming visit of Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, will boost bilateral relationships in various socio-economic sectors, according to UAE-based top businessmen.
Media spoke to select business people, who are part of the UAE delegation during this visit and they hope it will open doors for investment in sectors of mutual interest. The Abu Dhabi's Crown Prince will start the three-day official tour along with a high profile delegation from Wednesday. Last year, India's Prime Minister Narendra Modi visited the UAE.
During Indian prime minister's visit to the UAE, opportunities were discussed especially in the infrastructure, energy and aviation sector investments and the business community from both countries are upbeat about the future prospects.
Talking about the UAE visit, Lulu Group chairman Yusuffali said this is indeed an important visit and will surely achieve many mutually beneficial objectives for both countries. "Currently India and UAE enjoy excellent bilateral relationship in various socio-economic sectors and I see this visit by the high level UAE delegation under the leadership of Shaikh Mohammed bin Zayed to further strengthen these historic ties," said Yusuffali, who is also board member of Abu Dhabi Chamber of Commerce and Industry.
He hoped that India and UAE can play much bigger role in bringing stability, progress and peace to the region by synergising their resources together. Dr BR Shetty, chairman of UAE Exchange and chief executive officer of New Medical Centre, said: "It's good opportunity and we should take advantage of this visit. Both the countries will be benefited." Responding a question about the potential sectors for investment, Shetty said: "I am keen to see more investment in infrastructure, real estate, science and technology." Danube chairman Rizwan Sajan is also very optimistic and looking forward for mutual benefits for both the countries out of this visit to India.
Sajan added: "This visit will definitely benefit the UAE and India in many ways and further boost bilateral relationship. Prime Minister Narendra Modi's visit to the UAE last year has brought both the countries closer to each other." The creation of $75 billion fund during Modi's visit was a big achievement and business community expects more during this visit, he said, adding: "India needs billions of dollars to support its infra- structure development and the fund will support the expansion of the country's network of railways, ports, roads, airports and industrial corridors."
India-UAE trade, valued at $180 million per annum in the 1970s, today stands at around $60 billion, making the UAE as India's third-largest trading partner for 2014-15 after China and the US. Trade and investment sectors form the cornerstone of the booming bilateral economic ties between the UAE and India, accordingly to UAE Ministry of Economy analytical study released ahead of the UAE delegation's visit to India. UAE's non-oil exports to India in 2014 stood at nearly $5.3 billion, with a decline of 31 per cent compared to 2013.