The India-UAE partnership is set to reach new heights with a UAE delegation led by Abdulla bin Touq Al Marri, Minister of Economy, currently in India to explore opportunities in new and sustainable economic sectors, particularly in logistics, advanced industries, entrepreneurship, SMEs, and the environment.

“We introduced the inaugural Investopia Global Talks in India in 2021, hosting two sessions in Mumbai and New Delhi. Today, we are launching a new milestone in the South Indian city of Chennai, highlighting the significance we attach to the Indian private sector as a key economic and investment partner to the UAE’s business sector.”

There are 232,000 Indian commercial licenses operating in various economic sectors within the UAE in H1 2024. Of these, 20,000 Indian commercial licenses were registered during the first six months of this year alone, the UAE minister said

Dr. T.R.B. Rajaa, Minister of Industry, Investment Promotion and Commerce in the Government of Tamil Nadu; Sunjay Sudhir, Ambassador of India to the UAE, and R. Dinesh, President of CII also participated at the event that saw 300 attendees, including investors, entrepreneurs, economists and representatives of leading UAE and Indian private sector companies.

Al Marri said the UAE and India share a vision of embracing a new and sustainable economic model.

The UAE and India are among the fastest growing economies, with the UAE’s non-oil GDP growing by 6.2% in 2023 compared to 2022. It ranke 5th globally in the real GDP growth index. Meanwhile, India’s GDP grew by 8.4% in the last three months of 2023. These figures reflect the momentum of growth of economic opportunities in the two countries’ markets during the next phase, given their outstanding economic partnership.

“The choice of Chennai, India as the venue for the Investopia Global Talks is driven by its strong economic foundation in new and innovative sectors like electric vehicles, programming, medical tourism, sustainable manufacturing, data centres, and the development of the fintech sector, he said.

Alia Al Mazrouei, UAE Minister of State for Entrepreneurship, said: “SMEs today make up 94 per cent of all private sector companies in the UAE and contribute 40 per cent to the UAE’s GDP.” – editor@nrifocus.com