A UAE delegation held discussions with top leaders of the Indian state of Tamil Nadu on strengthening cooperation in the sectors of the new economy, tourism, entrepreneurship, SMEs, transport and fintech, during its recent visit to the country.

Abdulla bin Touq Al Marri, Minister of Economy, who led the delegation, held bilateral meetings with M K Stalin, Chief Minister of Tamil Nadu, Dr T R B Rajaa, Minister for Industry, Investment Promotion and Commerce in the Government of Tamil Nadu, in the presence of Alia Bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship.

While emphasising that the UAE and India share strategic economic, political and cultural relations, which continue to grow and scale new heights, Bin Touq, said: “India is a strategic economic partner to the UAE and we look forward to continuing to work with our partners in the Indian government in sectors and areas of mutual interest.

“Our joint efforts will contribute to enhancing the distinct economic partnership between the two countries, thus supporting the growth and sustainability of both economies.”

Bin Touq reviewed the UAE's efforts in developing the tourism sector, especially in light of the objectives of the National Tourism Strategy 2031.

The strategy aims to raise the country’s status as the best tourism identity in the world, consolidating its position as a leading tourism destination; increase the sector’s contribution to the national GDP to AED 450 billion; and attract new investments of AED100 billion to the national tourism sector by the next decade.

During his meeting with Dr Rajaa, Bin Touq discussed a range of flexible economic policies and legislations in both countries aimed at enhancing dialogue between the UAE and Indian business communities and encouraging the establishment of new projects in various economic fields.

In addition, he invited Indian investors and businessmen to take advantage of the opportunities provided by the UAE, especially its logistics capabilities and economic facilities for establishing diverse business activities.

The two countries enjoy strong relations in the civil aviation sector with continued growth in air traffic between UAE and India’s cities. Currently, there are 555 weekly flights connecting various cities of the two destinations, operated by the UAE’s national carriers.

He also invited the two Tamil Nadu ministers to participate in the 4th edition of Investopia, scheduled to be held in February 2025, as it will be a significant opportunity to discuss ways to benefit from the promising opportunities that the UAE offers to investors from around the world, and to develop cooperation in various economic sectors.

In yet another meeting, with Dr A Sakthivel, President of the Federation of Indian Export Organizations (FIEO), Bin Touq highlighted the increasing opportunities for cooperation between the two countries in export and re-export and supporting the growth of exporting companies operating in the UAE and Indian markets.

The minister also met with Mr. Sanjay Jayavarthanavelu, Chairman and Managing Director of LMW, one of India's leading companies specialising in textile machinery manufacturing. In addition to the latest advanced technologies and innovative solutions used by the company in the textile machinery industry, the meeting highlighted the unique economic enablers and support that the UAE's business environment provides to companies looking to establish their operations in the country.

During a meeting with Dheeraj Hinduja, Chairman of Ashok Leyland, a leading Indian company in vehicle manufacturing and assembly, and the fourth-largest bus manufacturer in the world, the company presented its expansion plans in the UAE market before the UAE’s Minister of Economy.

The UAE’s FDI in the Indian markets cover several vital economic sectors, most notably renewable energy, software, IT services, and automotive manufacturing.

The non-oil trade exchange between the two countries is also witnessing continuous growth, with the total value of non-oil trade between the two sides exceeding $53.5 billion in 2023, a growth rate of 3.9% compared to 2022. – TradeArabia News Service