UAE-In­dia busi­nesses up­beat

The Pak Banker - - MARKETS/SPORTS -

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.

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