India-uae conference kicks off with focus on SMES
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.