DUBAI: Governments of India and the UAE, through various agencies and departments are closely working to realise the US$75 billion (Dh275 billion) investment in to India as announced by the Honourable Prime Minister of India Shri Narendra Modi during his historic visit to the UAE in August 2015 that raised the bilateral relations between the two countries to a strategic partnership level.
This was followed by the signing of 14 agreements during the historic three-day official visit by His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and the Deputy Supreme Commander of the UAE Armed Forces, to India where His Highness was the Chief Guest at the Indian Republic Day celebration this year, further cementing the relationship.
The status of the flow of investment and strategic partnership will further be elaborated at a two-day India-UAE Partnership Summit (IUPS) to be held at the Armani Hotel, Burj Khalifa, from October 30-31, 2017, which will be participated by more than 800 VIP Delegates from India and the UAE, including government delegation, private entrepreneurs and business leaders belonging toCorporate UAE and Corporate India.
The Summit – with a theme of Investment Implementation – will highlight some of the most important projects in India and how to finance them and execute them – with the participation of the local business houses.
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 at least four cabinet members from India and the UAE as well as Chief Ministers from two Indian states will participate, the names of which will be announced later.
Non-Resident Indians (NRIs) are one of the largest investors in the UAE economy and have invested to the tune of more than $80 billion in the UAE, including US$55 billion in setting up companies, industries, warehouses and other facilities as well as $25 billion in real estate.
As an expatriate national business community, this also collectively makes them the largest employer group in the private sector.
“India and the UAE are undergoing through an exciting time in our bilateral relationship that will largely reshape our destiny as both countries embark on a strategic partnership that took off with the historic visit by our Honourable Prime Minister Mr Narendra Modi in August 2015 and the subsequent visit this year by His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and the Deputy Supreme Commander of the UAE Armed Forces as the Chief Guest on India’s Republic Day celebrations,”H.E. Mr Navdeep Singh Suri, Ambassador of India to the UAE, said.
“We are very fortunate to have visionary leadership in charge of our countries’ respective destiny who are working tirelessly to realise our national objectives and vision.
“The two visits have taken the bilateral relationship to a historic high level that makes the two emerging economies their strategic partners – where India and the UAE are all set to leverage on our mutual strengths and create synergies to help both the nations achieve their respective national economic visions.”
The UAE is the world’s 19th largest exporter with $266 billion or 1.7 per cent of the global merchandise exports, while India ranks 20thlargest exporter with $264 billion, representing 1.7 per cent of the global exports in 2016, according to the World Trade Organisation (WTO).
India, with imports bill worth $359 billion or 2.2 per cent of the global imports, ranks 14th while the UAE with $225 billion worth of imports, or 1.4 per cent of the global merchandise imports, ranks 19th in the world, the latest WTO annual report shows.
“India and the UAE – both belonging to the world’s top 20 trading nations – are also each other’s leading trading partners. While India remains the UAE’s top trading partner, the UAE is India’s third largest trading partner – something that the strategic partnership could boost further,” Mr Suri says.
“India, the world’s 7th largest economy has a lot to give to the UAE – the world’s 30th largest economy and the second biggest Arab economy and together we could grow faster.
“Today, I am happy to inform you that both the countries are going ahead with the planned investment in various sectors, including infrastructure, ports, power, renewable energy, etc – that will help India to grow even much faster than any other economies in the world and become one of the top three global economies in the decades to come.
“Following the visit of His Highness Sheikh Mohammed bin Zayed to India in January this year, officials of both the countries have met several times in Abu Dhabi, Dubai and New Delhi and we are witnessing a flurry of activities – including flow of investment to the tune of $3 billion this year so far and this is going to accelerate in the coming months.”
The private sector of India and the UAE, especially the NRI business community has also come forward to support the strategic government-to-government partnership, first by creating a new pan-UAE business entity, the Business Leaders Forum (BLF) in March 2017. BLF, set up under the direct guidance of the UAE Ministry of Economy, Embassy of India and Consulate General of India, is the new umbrella organisation of business leaders in the UAE.
Mr Vipul, Consul General of India, said, “Government vision can’t become successful without the active participation of the private sector. It’s heartening to see that the private sectors of both the countries have come forward to support the strategic partnership vision of both the countries and we are pleased to extend our all-out support to this important event.
“It will help the private sectors of both the countries to come closer and create further synergies to ensure they benefit from the new opportunities that India and the UAE will collectively offer.
“The event will bring the public sector and private sectors of both India and the UAE and help create a new eco-system that will help channel investment, boost trade and socio-economic cooperation that will see continuous engagement to ensure smooth flow of investment in to India and the UAE.”
Indians nationals invested Dh20.4 billion into Dubai’s real estate in 18 months from January 2016 till June 2017, according to Dubai Land Department. This is on top of the Dh20 billion invested by Indians in Dubai’s real estate in 2015.
Dr Azad Moopen, President of Business Leaders Forum and Founder Chairman of Aster DM Healthcare Group, said, “As the platform formed by high-net worth NRIs and UAE nationals, the BLF wants to synergise our resources to contribute to the economies of India and the UAE and the IUPS will provide the first breakthrough in our quest to support both the economies in a bigger way and we are not talking in just setting up companies or industries – but taking part in mid- to large-size projects that will help the economies.
“IUPS is one of many future initiatives to be undertaken by the BLF, which will elevate our role to a new level – and make us the strategic partner of India and the UAE. All of us at the BLF are more than happy to support the visions of our respective countries.”
Mr Paras Shahdadpuri, Vice President of BLF and Chairman of Nikai Group of Companies, said, “Both India and the UAE are two major global economic powers to reckon with. India ranks 7th in GDP on nominal basis, but on Purchasing Power Parity basis, India ranks 3rd in the world after US and China. India and UAE have historic trade, economic, investment and even family relations for centuries. Indians are the biggest foreign investors in UAE.
“There has been a paradigm shift in India-UAE relationship after the historic visit of Prime Minister Modi to UAE, which took place after 3 decades, from being traditional economic partners to now strategic partners. This visit has been reciprocated twice by His Highness Sheikh Mohd. Bin Zayed Al Nahyan in February 2016 and later as Chief Guest at India’s Republic Day in 2017.
“This new G-to-G relationship has provided enormous boost in strategic fields such as in Food security, energy security, cooperation in Space research, in Defence Production, etc. At this stage, it is important for private sector, and particularly we as NRIs to join hands with our Emirati investor friends to encourage investments in India. As investors in both the countries, we feel there is a strong need amongst ourselves to play a greater role in reshaping the destinies of our two great countries.
“India not only has a lot of solid resources, scientific capabilities, research and development, but also a large pool of soft power – including Ayurveda, Yoga, Unani, Siddha and Homeopathy (AYUSH) as well as Indian cuisine and culture – that could create new opportunities for both the countries,” Shahdadpuri added.
Mr Sudesh Aggarwal, Board Member and Sector Chairman‑Investments of BLF, Chairman of Giant Group and India Trade and Exhibition Centre, said, “IUPS will be a game-changing summit and will redefine the role of the private sector in realising the governments’ vision. The event will help generate new ideas on how the UAE’s private sector businesses can leverage their complementary strengths to raise funds to finance major infrastructure projects.
“The event will be full of surprises, announcements and will be full of real-time project funding initiatives that will change the way private sector funding is carried out. The Summit will see government authorities finding a strong desire and participation by the private companies willing to share the burden of the public sector and create a genuine public-private partnership that will reduce governments’ financial burden and see the private sector extend its hands to governments.”
Business Leaders Forum (BLF) was formally launched in March 2017 and has been set up under the direct guidance of the UAE Ministry of Economy, Embassy of India and Consulate General of India with India Trade & Exhibition Centre (ITEC) acting as the official Secretariat of BLF.
Ms. Sripriyaa Kumaria, Director-General of ITEC and theSecretary-General of BLF, “As representatives of the UAE’s private sector businesses, it is heartening to see that a large number of associations are coming forward to support the visions of the governments of India and the UAE – which will provide greater impetus to the economic programmes.
“The BLF and its flagship event IUPS – for the first time in our history – will provide a platform for the private sector to play an active role in the public development efforts and thus create an ideal public-private partnership across India and the UAE.”
The IUPS is being supported by UAE-India Business Council (UIBC), UAE International Investors’ Council – UIIC, Association of Indian Chambers (Assocham), Invest India as well as other stakeholders.
India-UAE Partnership Forum is supported by knowledge partner namely KPMG – the global accounting and auditing firm, Gulf News –The Official Newspaper, Forbes Middle East – The official business magazine & Sony TV and Times Now television channels. News Desk
