More than 800 delegates from India and the UAE, including top government officials, private entrepreneurs and business leaders will take part in the first India-UAE Partnership Summit (IUPS) opening in Dubai, UAE tomorrow (October 30).

Sultan bin Saeed Al Mansouri, UAE Minister of Economy and Abdullah Al Nuaimi, UAE Minister of Infrastructure Development and Mohammed Sharaf, Assistant Minister for International Cooperation, UAE, will lead a line-up of nearly half a dozen federal and state ministers from India and the UAE, at the two-day event taking place at the Armani Hotel, Burj Khalifa, Dubai.

This would be the highest gathering of government ministers and officials and business leaders organised by the Business Leaders Forum – an umbrella organisation – representing the UAE’s private sector.

The high-level and high-powered IUPS will be split into a number of brainstorming business sessions and panel discussions on hot topics, including Investment Implementation, Infrastructure and Tourism while ministers from Telengana, Uttar Pradesh, Manipur, Karnataka, Jammu and Kashmir – will present investment opportunities in key projects within the states and seek investment from potential partners in the UAE.

The IUPS is organised by the newly formed Business Leaders Forum and strongly supported by UAE Ministry of Economy and the Government of India through the Embassy of India in Abu Dhabi and Consulate General of India in Dubai.

“I am pleased to announce such a high-level and prestigious line-up of speakers and delegates joining us at the inaugural IUPS, something that is unprecedented and reflects the willingness of the public and private sector officials to forge a stronger partnership to support the economies of India and the UAE,” Dr Azad Moopen, president of Business Leaders Forum and founder chairman of Aster DM Healthcare Group, said.

“We, the members of the UAE’s private sector is proud to create such a high profile business conference that is going to tackle the issues of investment implementation and how to fast-track project financing and project implementation process.

“The overwhelming support by the government and the private sector reflects a major shift in our overall thinking to support the vision of our respective governments and realign our efforts to make them a success.”

The high-powered event takes place at the backdrop of an announcement of $1 billion investment by Abu Dhabi Investment Authority (ADIA), one of the largest sovereign wealth funds in the world, into India and a few days after Lulu Group announcing Dh1.7 billion ($462 million) into a project in India.

The UAE is the 10th largest FDI source market for India with cumulative FDI reaching $4.76 billion in the last 17 years from April 2000 till March 2017.

Invest India, the foreign investment promotion body of India, said it will attract $100 billion foreign investment in the country, of which $85 billion has already been committed by 600 large businesses that will create 700,000 jobs, according to recent reports.

FDI inflows into the country grew 8 per cent and touched a new high of $60.08 billion in 2016-17, according to Department of Industrial Policy and Promotion (DIPP). Cumulative FDI inflow from April 2000 till March 2017 reached $484.35 billion.

Sudesh Aggarwal, board member of the BLF, chairman of the IUPS Organising Committee and chairman of India Trade and Exhibition Centre (ITEC), said: “The prestigious line-up of the high-level dignitaries reflect the significance of the issues that we are putting on the table for discussion which is so close to our heart.

“I am also particularly happy to see the overwhelming response in the delegate response for registration which makes sending the invites to potential participation a very difficult task. Registration and participation at the event is free. However participation is by invitation only.”

The Summit – with a theme of Investment Implementation – will deliberate about how important projects in India could be financed and executed with the participation of the local business houses of UAE. It will also review the trade and investment relations between the two countries in light of the Joint Statement adopted by the two sides during the visit of Sheikh Mohammed bin Zayed Al Nahyan in January 2017.

Sripriyaa Kumaria, director-general of ITEC m.e. and the secretary-general of BLF, said: “Preparations are in full swing to welcome the delegates at the event that will be graced with the presence of five ministers from the UAE and India as well as participated by 5 diverse Indian states namely – Telengana, Uttar Pradesh, Manipur, Karnataka and Jammu and Kashmir.

 “Investments eventually happen in the states and the aggressive participation of major states from various parts of India, represented by their key ministers shows the willingness of Indian states to not only welcome investors but to partner with the Investors for a win - win economic growth. These diverse states bring with them their own array of investment projects that are unique, owing to their regional positioning and strengths.

“IUPS delegates and BLF members will have the privileged opportunity to choose from the states they wish to Invest and engage and BLF Secretariat will facilitate this relationship between the Investors and states in UAE.

“The robust engagement by BLF with the Indian states follows the recent one to one meeting hosted by BLF for the Hon’ble Chief Minister of Andhra Pradesh Chandrababu Naidu to discuss specific investment projects and strategy to implement the same.”

 She also mentioned that this is the only business conference of its kind to be pro-actively supported by the Government of India through the Embassy of India, Abu Dhabi and Consulate General of India, Dubai as well as the UAE Ministry of Economy. IUPS is also the only such bilateral summit where Ministers of Government of India as well as UAE will be participating. – TradeArabia News Service