His Excellency Abdullah bin Touq Al Marri, Minister of Economy, discussed with R Dinesh, President of the Confederation of Indian Industries, and a group of businessmen and CEOs of leading Indian companies, ways to enhance economic cooperation between the United Arab Emirates and the friendly Republic of India, and open new paths for the two business communities to explore available opportunities in their markets, especially in the new economy sectors, family businesses and tourism, in a way that supports the sustainable growth of their economy.
His Excellency Bin Touq said: “The UAE markets host more than 83,000 Indian companies working in various fields, while India is witnessing a continuous increase in the number of Emirati companies active in many strategic sectors. During the next phase, we aim to increase the number of companies in the markets of the two countries, especially Which focuses its activities on sectors of the new economy, to contribute to creating thousands of sustainable jobs and supporting comprehensive development efforts.”
He added: “The competitive economic environment in the UAE has encouraged major international companies to move there, carry out their commercial activities and expand into new markets, and has guaranteed them prosperity and sustainable growth, as a result of the forward-looking economic policies approved by the state in implementation of the vision of the wise leadership, and the innovative initiatives that ensured the achievement of fair competition.” “And the ease of establishing and conducting business, in addition to the most advanced infrastructure in the Middle East and Africa region.”
His Excellency stressed that the strategic relations between the two countries are taking an upward trend, in light of the common visions and goals adopted by the two leaderships regarding many files of common interest, pointing out that the UAE’s accession to the BRICS alliance, of which India is one of its founders, in addition to the country’s pivotal position in the corridor.
The economic development between India, the Middle East and Europe, which Abu Dhabi played an important role in inaugurating, will contribute to formulating a new vision for the future of bilateral cooperation between the two countries in line with the great momentum and expected economic opportunities that these developments will bring and will have a positive impact on the growth of the gross domestic product of the two countries.
The Minister of Economy discussed with the Indian side the mechanisms for supporting companies in general and family companies in particular in the two countries to expand into the sectors of the new economy, as it is one of the pillars of the UAE’s knowledge economic model, in addition to the role of the existing partnership between the global investment platform “Investobia” and the Confederation of Indian Industries, in Supporting these ambitious endeavors, and ways to launch new partnerships that contribute to creating more sustainable jobs.
The two sides also discussed strengthening joint efforts to support existing economic ties, especially in the tourism and aviation sectors, and providing all capabilities to the private sector in the two countries in order to launch new projects in this vital sector due to the promising opportunities it holds that support sustainable development efforts, and enhance the growth of tourist traffic between the two countries during the next stage, especially since India is considered one of the five major markets exporting tourism to the country, as the UAE received more than 3.1 million Indian tourists during the year 2022, an increase of 900 thousand visitors compared to 2021, while the number of Emirati visitors to India reached about 58 thousand.
They agreed to continue cooperation under the umbrella of their Comprehensive Economic Partnership Agreement, which provides many benefits and incentives that business communities can benefit from to continue growth and prosperity, and to create new paths for partnership, especially in the health, agricultural, educational, and climate technology sectors, and other sectors of the new economy.
During the meeting, His Excellency Bin Touq reviewed the determinants of the “We are the Emirates 2031” vision, which aims for the country to be a global center for the new economy, in implementation of the forward-looking vision of the wise leadership, and the steps taken by the UAE government in order to achieve this goal, through developing the system of economic legislation and launching… Innovative initiatives and programs that support the attractive economic climate for foreign direct investments, especially in the new economy sectors, in addition to issuing a system of legislation to protect intellectual property, and launching an ambitious strategy.
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