Dubai sets the model for strong India-UAE relations


In his Independence Day speech last year, Prime Minister Narendra Modi highlighted the remarkable progress India has made in strengthening its ties with countries in West Asia. As India celebrates its 75th Independence Day, progress is most visible in India-UAE relations, which, according to Dr Aman Puri, India’s General Counsel in Dubai, said have evolved into a comprehensive strategic partnership.
The United Arab Emirates, home to 3.3 million Indians, is India’s third largest trading partner and is also a major exporter of crude oil. The country, over the years, has positioned itself as a knowledge-based economy with key contributions from Dubai which has been transformed into a citadel of innovation by Indian startups. To put it in perspective, Indians make up 30% of Dubai’s 3,000 startups.
Dr. Puri sees enormous potential for further two-way trade and investment. The UAE-India Food Security Summit held last year, he said, stressing the importance of deeper collaboration. In fact, the UAE has already pledged US $ 7 billion to invest in India’s food sector and UAE Ambassador to India Ahmed Al Banna believes the time has come for the two countries to intensify their cooperation on food security.
It is not the only food sector that plays a key role in strengthening trade ties. The UAE, in fact, has made significant investments in India in sectors like logistics, highways, ports, airports, renewable energy defense and petrochemicals, so much so that it is about one of the largest sources of FDI inflows to India, which amounted to US $ 11.1. billion for the period between April 2000 and March 2021.
The UAE’s continued investment in India has caught the attention of Indian investors who return the favor with the same enthusiasm. In fact, they are the number one investment in Dubai real estate sector. In 2019, Indians contributed 16% of home sales in Dubai and their investments have only grown more during the pandemic period. This was evident in the sector’s 8% contribution to the country’s GDP in the first quarter of 2020 – the largest contribution since early 2017.
As ties between the UAE and India grow stronger day by day, political observers and business analysts point out that it is Dubai’s bold experiments to build a knowledge-based economy that define the UAE relationship. united-India with a whole new model. . “Dubai’s courage to experiment with new ideas strengthens the relationship between the UAE and India,” notes K. Venkitachalam, a chartered accountant who has offices in major Indian metros outside of Dubai.
According to him, the friendly relationship between the two countries has been further strengthened since there is a noticeable change of approach in terms of quality and culture. “Looking through the eyes of an accountant, I see more assets than liabilities, as well as huge reserves built up over the years and a healthy balance sheet. Together, they promise us a beautiful independence day, ”he summed up.
Disclaimer: This article is one of a series of content on doing business in Dubai

Source link


Comments are closed.