UAE-In­dia trade set to gain more im­pe­tus

The Part­ner­ship Sum­mit will bring to­gether key de­ci­sion mak­ers to re­view eco­nomic re­la­tions

Gulf News - - Opinion -

Top gov­ern­ment of­fi­cials and key de­ci­sion-mak­ers from the UAE and In­dia are cur­rently meet­ing at the In­dia-UAE Part­ner­ship Sum­mit in Dubai to dis­cuss the pol­icy frame­work and guide­lines re­quired to at­tract in­vestors to In­dia. The high-level meet­ing fol­lows the re­cent an­nounce­ment of $1 bil­lion (Dh3.67 bil­lion) in­vest­ment by Abu Dhabi In­vest­ment Au­thor­ity in In­dia.

Held un­der the theme of ‘In­vest­ment Im­ple­men­ta­tion’ the del­e­gates will de­lib­er­ate about how im­por­tant projects in In­dia could be fi­nanced and ex­e­cuted with the par­tic­i­pa­tion of lo­cal busi­nesses in the UAE. The de­vel­op­ment as­sumes im­por­tance in view of the joint state­ment adopted by the two sides dur­ing the visit of His High­ness Shaikh Mo­ham­mad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Com­man­der of the UAE Armed Forces, to In­dia in Jan­uary 2017. Be­fore that the In­dian Prime Min­is­ter Naren­dra Modi’s his­toric visit to the UAE in 2015 reaf­firmed the close re­la­tion­ship be­tween the two coun­tries.

For the UAE, In­dia has been one of the largest trad­ing part­ners in the world. With trade links go­ing back to sev­eral decades, the UAE is cur­rently the 10th largest For­eign Di­rect In­vest­ment (FDI) source mar­ket for In­dia. In­vest In­dia, the for­eign in­vest­ment pro­mo­tion body of In­dia, is aim­ing to at­tract $100 bil­lion for­eign in­vest­ment in the coun­try, of which $85 bil­lion has al­ready been com­mit­ted by more than 600 large busi­nesses, ac­cord­ing to re­ports. The UAE sig­nif­i­cantly con­trib­utes to In­dia’s en­ergy se­cu­rity and is cur­rently the fifth-largest sup­plier of crude oil to In­dia. Go­ing for­ward this part­ner­ship is ex­pected to grow. With more than 2.5 mil­lion In­dian ex­pa­tri­ates in the UAE, the surge in re­la­tions be­tween the two na­tions is a nat­u­ral corol­lary.

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