A high-level delegation of Indian businessmen and private sector representatives recently met with Eng Sultan bin Saeed Al Mansoori, UAE Minister of Economy, to discuss ways to further deepen the existing economic and trade ties with India.
The delegation was headed by Shobana Kamineni, president of the Confederation of Indian Industry (CII).
The meeting was attended by Juma Mohammed Al Kait, assistant undersecretary of Foreign Trade Affairs for the UAE Ministry of Economy; Ahmed Al Falahi, the state's commercial attache to India; and Navdeep Singh Suri, ambassador of India to the UAE.
The group emphasised the common desire to deepen aspects of cooperation in various economic fields, and to explore new opportunities for partnerships to further enhance the volume of bilateral trade and investments as well as push cooperation to more advanced levels, said a statement.
During the meeting, Al Mansoori touched on important areas for establishing new partnerships that benefit their countries’ respective development visions, it said.
Al Mansoori highlighted the distinguished partnership between the UAE and India, which he noted are based on strong historical roots and the common desire to continue diversifying cooperation in various economic and developmental fields, it added.
He further added that the advanced level of mutual investments between the two sides reflects the level of confidence on their respective private sectors and the common desire to develop several partnerships that serve their common goals and interests.
Al Mansoori shared that the UAE’s total investments in the Indian markets is estimated at $10 billion, while the value of Indian investments in the UAE exceeds $6 billion. He further stated that the UAE ranks first in the Arab World and 10th globally in the cumulative value of foreign direct investments in India, the third largest foreign investor in the country.
The Minister of Economy pointed out that despite the advanced levels of economic and investment relations between the two countries, there are still more opportunities to develop partnerships and explore new areas of cooperation in the next phase, especially as the UAE continues its development projects in the fields of infrastructure and transport. He particularly underscored how the upcoming Expo 2020, a prominent international event, will open more opportunities for Indian companies to enhance their presence in the local markets.
The UAE and India’s non-oil trade stood at around $36 billion in 2016, with over 4,300 Indian companies and around 5,500 Indian brands officially registered in the Emirates.
For her part, Kamineni confirmed the importance given by the UAE to Indian investors as reflected by various factors that attract capital as well as the fraternal ties between the two countries.
She added that the UAE counts among the most attractive markets for Indian companies and investments, noting the keenness of the Confederation to expand the areas of partnership with the authorities and institutions of the UAE’s private sector to strengthen business connections and exchange information and opportunities for establishing more joint ventures in various areas of common interest. – TradeArabia News Service