Uae-in­dia eco­nomic in­ter­con­nec­tiv­ity sig­ni­icant

More in­vest­ment flows be­tween both coun­tries should be pro­moted: Of­fi­cial

The Gulf Today - Business - - 2uae - BY A STAFF RE­PORTER

DUBAI: More in­vest­ment lows 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.

Mo­hammed Sharaf was de­liv­er­ing a key­note ad­dress at the in­au­gu­ral edi­tion ‘The Eco­nomic Times In­dia UAE Strate­gic Con­clave 2017. The two-day event, at­tended by busi­ness lead­ers and se­nior gov­ern­ment ofi­cials, kicked off giv­ing a fur­ther il­lip 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 sig­ni­icant eco­nomic in­ter­con­nec­tiv­ity in quan­ti­ta­tive ig­ures 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 lour­ish­ing trade and in­vest­ment lows to the other,” Mo­hammed Sharaf added.

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 re­al­ized po­ten­tials that can be tar­geted by Uae-in­dia bi­lat­eral ini­tia­tives.

He high­lighted the visit of His High­ness Sheikh Mo­hamed Bin Zayed Al Nahyan to In­dia at the be­gin­ning of this year, and the in­au­gu­ra­tion of the com­pre­hen- sive 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 ma­te­ri­al­ize 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 ma­te­ri­al­ize 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 sig­ni­icantly in the com­ing years. In­dia is look­ing for a sig­ni­icant 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.”

Del­e­gates at the In­dia-uae Strate­gic Con­clave in Dubai.

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