In­dia-uae con­fer­ence kicks off with fo­cus on SMES

The Gulf Today - Business - - FRONT PAGE -

DUBAI: The mar­ket po­ten­tial for Small and Medium En­ter­prises (SMES) in the GCC is poised to touch $920 bil­lion in the next five years com­pared to the cur­rent $360 bil­lion, a growth of 156 per cent, sig­nif­i­cantly en­hanc­ing in­vest­ment prospects in this sec­tor, it was re­vealed dur­ing the sec­ond In­dia-uae Part­ner­ship Sum­mit (IUPS) on Tues­day.

A re­search pa­per re­leased at the open­ing ses­sion of IUPS, jointly inau­gu­rated by Dr Ab­dul­lah Al Nuaimi -Cabi­net Mem­ber & Min­is­ter of In­fra­struc­ture De­vel­op­ment UAE and the In­dian State Min­is­ters Shri Man­preet Singh Badal from Pun­jab, Shri Satyen­der Jain from Delhi and Shri Chan­dra Mo­han Pa­to­wary from As­sam, said the em­ploy­ment po­ten­tial in the SME sec­tor is ex­pected to touch 22 mil­lion from the cur­rent 17 mil­lion in GCC, while the sec­tor re­port­edly ac­counts 120 mil­lion jobs in In­dia.

“SMES present a sig­nif­i­cant op­por­tu­nity for In­dia and the UAE to co­op­er­ate and add value to the ro­bust eco­nomic po­ten­tial of both the coun­tries, par­tic­u­larly in the pri­vate sec­tor. The SME plat­form will of­fer a mul­ti­fac­eted and di­verse in­vest­ment op­por­tu­nity for en­trepreneurs from both coun­tries thereby rais­ing the share of the sec­tor’s con­tri­bu­tion to the GDP of both the na­tions,” said In­dian Am­bas­sador to the UAE, Mr. Navdeep Singh Suri, at the sum­mit.

The fo­cus sec­tors of this year’s sum­mit are Ed­u­ca­tion, SMES and Skill De­vel­op­ment & Place­ment with four In­dian states – As­sam, Delhi, Pun­jab and West Ben­gal – show­cas­ing in­vest­ment op­por­tu­ni­ties in these sec­tors. The fo­cus Emi­rate of the UAE is Shar­jah rep­re­sented by the in­vest­ment pro­mo­tion agency, In­vest in Shar­jah.

IUPS is or­ga­nized by Busi­ness Lead­ers Fo­rum (BLF), a unit of In­dia Trade & Ex­hi­bi­tion Cen­tre in as­so­ci­a­tion with In­dian Em­bassy-abu Dhabi & Con­sulate Gen­eral of In­dia-dubai and UAE Min­istry of Econ­omy as strate­gic part­ners.

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