Indians seek stronger links
Business leaders upbeat on closer bilateral cooperation
Indian business leaders hope that Sheikh Mohammed bin Zayed’s visit, which starts today, will significantly strengthen bilateral economic and trade relations, leading to more investment from the UAE.
The Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces is on a three-day trip to India as the chief guest at the Republic Day celebrations in New Delhi.
Sultan Al Mansouri, the Minister of Economy, is among the UAE’s delegation of ministers, senior officials and business leaders.
Promoth Manghat, chief executive of UAE Exchange, a remittance company based in Abu Dhabi, said Sheikh Mohammed’s visit attested to the growing bilateral ties.
“We believe that this visit will foster the strategic partnership in key areas such as trade and investment, energy and technology,” he said.
Aditya Berlia said the state visit would be pivotal for both countries’ trade and investment ties. He is an executive board member of the Apeejay Stya and Svran Group, a family- run industrial and investment house in New Delhi.
“Asking someone to be the chief guest at the Republic Day celebrations is a big thing and it’s usually an indication that the person is on the top agenda of the prime minister and the country,” said Mr Berlia.
“It sends a serious message that India really wants to improve its connections to the UAE, and the UAE’s acceptance of the invitation really shows that it is serious about moving to the next step with India.”
Indians are the largest single nationality of expatriates in the UAE.
Yusuffali MA, a member of the UAE delegation and chairman of LuLu Group, said India and its people had always been a highly integral part of the UAE’s economic and social fabric.
“Initiatives such as Make in India, Digital India, Skill India, coupled with easing of foreign direct investment norms, have made India a very lucrative market for investors the world over,” he said.
“I am sure the business leaders of the UAE will get first-hand information about these initiatives during the various bilateral engagements that will take place during this visit.”
Mr Yusuffali said that any agreements arising from Sheikh Mohammed’s visit would have a “positive impact on the future of Indian-UAE relations”.
Sudhesh Giriyan, chief operating officer of Xpress Money, said there was a great opportunity for new bilateral cooperation and Sheikh Mohammed’s visit “signifies that this is a truly important relationship”. Mr Manghat said he expected both countries to boost their defence relations through sharing of intelligence and coordination between their security agencies, as well as strengthen their counter- terrorism efforts and shut down illegal remittance channels.
Mr Modi’s visit to the UAE in 2015 and Sheikh Mohammed’s trip to India last February have cast greater attention on bilateral economic ties.
The Indian premier is striving to boost foreign direct investments to bolster India’s economic growth and create more jobs.
His visit to the UAE in 2015 led to the two countries announcing that they would set up a fund to raise US$75 billion (Dh275.5bn) to invest in infrastructure in India.
Last week, India’s cabinet approved an agreement on bilateral cooperation in road transport and motorways, which will be critical in advancing investment plans.
The cabinet also signed off on an agreement with the UAE to cooperate on small and medium-sized businesses and innovation.
The two countries have highlighted plans to increase trade by 60 per cent by 2020.
Dr Anwar Gargash, Minister of State for Foreign Affairs, and M J Akbar, India’s minister of state for external affairs, met last week in New Delhi for a dialogue before Sheikh Mohammed’s visit.
New Delhi said the two sides discussed a range of issues, including cooperation in trade and investment, energy security and renewable energy, defence and security, electronics, and space and information technology.
Sheikh Mohammed’s visit to India last year resulted in the signing of many bilateral agreements, including a framework to make it easier for the UAE to invest in Indian infrastructure, cooperation in space exploration, renewable energy and skill development. Defence is another area of growing collaboration.
The UAE is a major supplier of crude oil to India and there will be interest in the progress made on plans announced last year for Abu Dhabi National Oil Company to store crude oil in India’s strategic reserves.
The UAE companies that are investing in India include the ports operator DP World, and Abu Dhabi’s Etihad Airways has a stake in the Indian carrier Jet Airways.
India is also one of the UAE’s biggest markets for international tourists.
‘ We believe that this visit will foster the strategic partnership in key areas such as trade and investment, energy and technology Promoth Manghat UAE Exchange chief executive