DP World completes $1.2bn investment in India
The India–UAE trade in goods and services has the potential to reach a target of US$120 billion in the next few years, said Ahmad Sultan Al Haddad, Chief Operating Officer, Parks and Zones – DP World, UAE Region.
DP World, the 2nd largest investor in India from the United Arab Emirates, has already completed US$1.2 billion of the approx. US$3 billion investment announced in 2018 for the country, he told an ASSOCHAM webinar on 2 Sept 2020.
Many UAE companies have been showing keen interest in exploring the opportunities offered by the Indian market and the free zones, according to Ahmad Sultan.
Both countries should target to increase trade from the current USS$60 billion to US$100 billion in the next couple of years, added Dr. Niranjan Hiranandani, President ASSOCHAM.
The Co-Founder & Managing Director, Hiranandani Group of Companies, also called for enhancing India-UAE cooperation in the real estate sector.
“We should go into a treaty with UAE on the real estate regulation so that if the real estate projects of a developer is approved by the real estate regulator in India, it may not require the approval of regulatory authority in UAE and vice versa.
“The requirement of dual regulatory approval in both countries can be done away with and this will lead to more companies expanding presence in India and UAE,” said Hiranandani.
The ASSOCHAM webinar “Rediscovering India-UAE Economic Relations in the COVID era” was held on 2 Sept 2020.
In his keynote address to the webinar, UAE Ambassador to India, Dr Ahmed Al Banna, underlined the vast untapped potential and huge appetite to invest in India.
Dr. Albanna highlighted key points to focus towards enhancing India-UAE economic cooperation, saying “India is a strong and key partner with whom we wish to further bolster our strategic partnership.”
“Cooperation in food security, agriculture products, health and pharmaceutical products, services and technologies, IT, education technologies, energy, defence manufacturing, aerospace and tourism sectors form the pillars of our economic relations,” the envoy listed.
“We need to focus on the facilitation of movement of cargo, investment, people and decision-makers.”
The Ambassador wants the ASSOCHAM to play an active role in expanding Indian business presence in UAE, Gulf and MENA region. Mobilising Indian participation for the EXPO 21 in Dubai will be a definitive step in this direction.
Dr. Al Banna also assured full support of the commercial office of the UAE Embassy for facilitating market entry for business interests on both sides.
An exclusive panel of speakers shared insights and updates on the current economic situation in both countries and how both countries can tap emerging business opportunities.
Noted Indian economist Prof. Arpita Mukherjee emphasised that there are lot of synergies between the two countries to cooperate but currently both economies are going through a significant slowdown.
“Once the pandemic is over, we expect lot of Investment from UAE in Indian Industrial park and SEZ’s,” said Prof. Mukherjee, a noted economist from Indian Council for Research on International Economic Relations.
Opening the webinar, Deepak Sood, highlighted that the growing India-UAE economic and commercial relations contribute to the stability and strength of a rapidly diversifying and deepening bilateral relationship between the two countries.
He also said that growing engagements between India and the UAE have to be seen within the broader contexts of UAE’s policy of engaging with Asia to improve economic prospects. This should also include India’s search for foreign investments to expedite economic growth and address the threat of extremism and terrorism.
“Good strategic partnership at all levels will yield benefits not only for India and UAE but also for peace and development in the region,” stressed Sood.
Maj Gen (Retd.) Sharafuddin Sharaf has called for reconfiguring supply chains post-pandemic.
There is tremendous scope for bilateral cooperation between the two sides in the area of food safety.
The UIBC is keen to work with ASSOCHAM to enhance the bilateral trade between the two countries and enhance cooperation, he noted. #investment #exports #trade #realestate #projects #manufacturing /fiinews.com
