UAE, India eye investments in new economy, tourism

UAE Minister of Economy Sheikh Abdulla bin Touq Al Marri held discussions with Indian ministers Piyush Goyal of Commerce & Industry and G. Kishan Reddy of Tourism & Culture…reports Asian Lite News

UAE Minister of Economy Sheikh Abdulla bin Touq Al Marri has met with Piyush Goyal, Indian Minister of Commerce and Industry and G. Kishan Reddy, Minister of Tourism and Culture of India, to discuss frameworks for strengthening economic and trade cooperation.

Al Marri said that the UAE-India relations have evolved into an exceptional model of bilateral cooperation and fruitful partnership aimed at promoting sustainable development, economic welfare, and the steady prosperity of their people.

“We are working towards boosting the volume of non-oil trade exchange, which reached AED 189 billion in 2022, up 15 per cent from 2021. We are working closely with our partners in the Indian government to establish mechanisms that will increase the volume of mutual investments and diversify them into new sectors,” Al Marri said.

He said that UAE’s investment flows to India amounted to about AED 56.5 billion by the end of 2022, mainly in renewable energy and telecommunications, roads infrastructure, real estate, and start-ups, while Indian FDI in the UAE rose to AED 30 billion in 2020.”

Al Marri’s meeting with Goyal discussed ways to strengthen and diversify existing economic partnership. Both ministers also explored the adoption of innovative initiatives that contribute to enhancing private sector’s access to opportunities and support the growth and expansion of startups in the markets of the two countries, offering them more advantages and incentives, thus promoting their contribution to the GDP.

H.E. expressed the country’s appreciation and support for India’s G20 presidency and its efforts in organizing and hosting the G20 Summit 2023. The UAE will participate in this summit as a guest country.

UAE welcomed 5m Indian visitors

Al Marri’s meeting with Kishan Reddy explored the possibility of enhancing investment exchanges in the tourism sector. In addition, the adoption of innovative initiatives that contribute to stimulating tourism flows between the two countries was discussed, in addition to increasing the number of mutual flights.

Al Marri said: “We are keen to enhance cooperation with India to explore more promising opportunities in the tourism sector and launch innovative tourism projects that harness the potential of latest technologies in hospitality services. This will enhance the tourists’ experience and make the two countries preferred tourism destinations.”

“India was one of the major tourism source markets for the UAE in 2022. We welcomed nearly five million Indian visitors, while the number of Emirati visitors to India reached nearly 58,000. We look forward to working together to build on this momentum and enhance tourism flows between the two countries in the upcoming period,” H.E. added.

UAE invites Indian private sector

Al Marri invited the Indian private sector to benefit from the growth in the two countries’ relations in light of the CEPA, in addition to the incentives offered by the UAE economy for growth and expansion in the UAE and the wider region.

The minister also met with a group of businessmen and CEOs of leading companies in the presence of Sanjeev Bajaj, President of the Confederation of Indian Industry (CII); Chandrajit Banerjee, Director General of CII.

Al Marri said that UAE is currently building its new economy model to be more resilient and competitive, under the directives of our wise leadership.

“The UAE is continuously developing the national business environment in order to create an economic climate that supports business growth and attracts investments. We achieved this through the adoption of a number of proactive economic policies, most notably the granting of full foreign ownership, issuance of legislation to protect intellectual property, and the launch of an ambitious strategy to attract talented individuals in all sectors to consolidate the UAE’s position as a permanent hub for creativity and innovation.”

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