DUBAI: The inaugural UAE- India Economic Forum, which opened in Dubai today (November 16) is shedding light on business and investment oppotunities in India in the presence of distinguished senior dignitaries, government officials and business leaders from the two countries.
Address the leaders, India’s Finance Minister Arun Jaitley, who opened the forum, stated that as a frequent visitor to the UAE, he has been witness to the build-up of this region almost brick by brick and the transformation it has gone through to become a global hub employing the most entrepreneurial techniques.
“Over the last four decades, the great relationship between the UAE and India has evolved greatly in various directions of human life and civilisation supported by the two nations’ strength of human resource, culture, geography and economy,” he said.
Outlining three key challenges facing India’s economic growth, Jaitley stated that world economy is under great stress with almost every forecast indicating a negative trend in terms of growth statistics. The global slowdown impacts the world market, which in turn poses challenges for large economies like India.
“Second, 55 per cent of our population is still dependent on agriculture and with the unpredictability of monsoon, their purchasing power has been reduced significantly.Third, while public and foreign investment in India has grown by 30 per cent and 40 per cent respectively, the rate of growth in terms of private investments is still sluggish,” he said.
To address these challenges, Jaitley highlighted the structural changes brought about by the Indian government on the back of country’s consistent drive for growth, credibility of India’s decision-making processes, bigger aspirations, greater stability and support in the direction of policy, quick approvals, and a positive shift in terms of ease of doing business in India.
Mohammed Ahmed Bin Abdulaziz Alshehhi, Undersecretary – UAE Ministry of Economy, said: “India and the UAE share a very special bond of friendship and partnership and we welcome the improvement in legislation and laws in India to promote business in the country. There are many success stories of UAE investment in India.
“The Indian community in the UAE is quite active and we welcome their contributions in the growth of the UAE economy. We look forward to more investments and increased trade opportunities between the two countries.”
Dr Jyotsna Suri, president, Federation of Indian Chambers of Commerce and Industry (FICCI), said: “Prime Minister Narendra Modi’s visit to the UAE and his interaction with His Highness Crown Prince Mohamed Bin Zayed Al Nahyan brought a transformation in India-UAE relationship. We are looking at each other with renewed understanding and focus and are committed to leveraging the opportunities for mutual prosperity.”
India has emerged as the number one FDI destination ahead of China and the US and that the country has also moved up in the latest rankings on ‘ease of doing business’ brought out by the World Bank – providing an added impetus to foreign investments. As part of her talk, she discussed a number of cooperation possibilities between India and the UAE, including infrastructure, energy and information technology, Dr Suri further highlighted.
Commenting on the significance of the forum in strengthening the economic ties between the two countries, Sharief Habib Al Awadhi, chief executive officer and director general, Fujairah Free Zone Authority, said: “At Fujairah Free Zone Authority, 40 per cent of our businesses are from India and forums like these serve as great platforms for the UAE and India’s business communities to boost collaboration on a number of economic fronts. We are already India’s #1 partners in business and India stands as our second largest trade partner.