India and the United Arab Emirates (UAE) have always shared a special bond. Both the countries have contributed to each other in various sectors of development impacting the overall economy. In celebration of the same and to take the relationship forward, a conclave is scheduled to happen a few months from now, most likely in the beginning of next year, in Dubai.

Organized by the UAE India Business Council (UIBC) and the UCC India Chapter (UC), the event would pave the foundation for investments worth billions of dollars in the trade and healthcare industries. Two large investments launched already – ‘Bharat Mart’ and ‘India Hospital’ – will be promoted at the conclave, quite literally for the long haul.

Indian Prime Minister Narendra Modi, during his visit to the UAE in February this year, launched Bharat Mart, a warehousing facility to enhance Indian trade abroad. At that time, he also announced that the UAE had promised to give land in Dubai for the construction of a hospital for Indian blue-collar workers under the India Hospital project. Branded as a transformative initiative to boost healthcare infrastructure for migrants, the India Hospital project aims to improve quality of life and cater to the medical needs of the workers, who account for 90% of the UAE’s workforce in addition to non-citizens. More information about the hospital – location, staff strength, capacity, facilities, privileges – is awaited.

Details on the Bharat Mart, which focuses on bilateral trade between India and the UAE, are also yet to be revealed. It is expected to be a mega retail or distribution center for Indian goods within the UAE, effectively supporting import of Indian goods for the Emirati consumer.

The proposed India-Middle East-Europe Economic Corridor (IMEC) project will also be given due importance at the conclave as the trade route doubles up for transporting goods between India and the Middle East, particularly the UAE. The IMEC was announced in September last year after a meeting between the leaders of India, the US, the UAE, Saudi Arabia, Italy, France, Germany, and the European Union, on the sidelines of the G20 Summit in New Delhi. If the project takes off, it would guarantee cost reduction and save time lost in transportation.

Without doubt, the collaboration between India and the UAE to enhance growth in pivotal areas of trade and healthcare signals long-term benefits for investors, businesses, and people of both the nations. – editor@nrifocus.com