New Delhi (NVI): There is vast untapped potential and huge appetite in UAE to invest in India which remains unexplored, United Arab Emirates envoy to India, Ahmed Albanna said today.
In his keynote address at ASSOCHAM’s webinar “Rediscovering India – UAE Economic Relations in the COVID era”, the UAE envoy highlighted key points to focus towards enhancing India-UAE economic cooperation.
He said that UAE – India strategic partnership has been manifest during the regular close and multi-level interactions between the leadership and officials on both sides. “India is a strong and key partner with whom we wish to further bolster our strategic partnership,” he was quoted as saying in an ASSOCHAM release.
Albanna further said that cooperation in food security, agriculture products, health and pharmaceutical products, services and technologies, IT, education technologies, energy, defence manufacturing, aerospace and tourism sectors form the pillars of the economic relations between the two countries.
“We need to focus on facilitation of movement of cargo, investment, people and decision makers,” he added.
The UAE envoy further stressed that ASSOCHAM must play an active role in expanding Indian business presence in UAE, Gulf and MENA region. “Mobilising Indian participation for the EXPO 21 will be a definitive step in this direction,” he said.
He also assured full support of the commercial office of UAE Embassy for facilitating market entry for business interests on both sides.
Dr Arpita Mukherjee, noted economist from Indian Council for Research on International Economic Relations, moderated the webinar which included eminent speakers like Former Indian Ambassador to UAE Navdeep Suri; Vipul, Joint Secretary (Gulf), Ministry of External Affairs, and Deepak Sood, Secretary-General, ASSOCHAM.
The exclusive panel of speakers shared insights and updates on current economic situation in both countries and how both countries can tap emerging business opportunities.
Prof. Arpita Mukherjee emphasised that there are lot of synergies between the two countries to cooperate but currently both economies are going through a significant slowdown. “Once the pandemic is over, we expect lot of Investment from UAE in Indian Industrial park and SEZ’s,” she said.
Opening the webinar, Deepak Sood, said that India and UAE share a common vision of development and welfare of people at the core of their policies and Growing India-UAE economic and commercial relations contribute to the stability and strength of a rapidly diversifying and deepening bilateral relationship between the two countries.
He also said that growing engagements between India and the UAE has to be seen within the broader contexts of UAE’s policy of engaging with Asia to improve economic prospects and India’s search for foreign investments to expedite economic growth and address the threat of extremism and terrorism.
“Good strategic partnership at all levels will yield benefits not only for India and UAE but also for peace and development in the region,” he added.
Ambassador Navdeep Suri, in his special remarks, recommended Indian companies to participate in Dubai Expo 2021 and take advantage and showcase their capacities and strengths in a place that promises to be the meeting ground for the world.
The UAE envoy to India also informed the audience that embassy of UAE has different platforms for attracting investments into UAE whether it is at a federal level, ministerial level or on the local level.
“The Embassy is ready to provide facilitation and other required services. UAE Embassy in India is one of the few Embassies which has a Commercial Attaché. We are now trying to setup a platform like UAE investment lounge which will attract investors to get all the information and services under one umbrella,” he added.
Albanna said that the share of oil in UAE GDP is reducing and have come in the range of 25-30%. “Due to the falling prices of oil, we are affected in terms of economy, however, we are a healthy economy. UAE is paying attention to different sectors such as Services, Tourism, Manufacturing and trying to widen and finding out other strengths,” he said.
-ARK
