A second edition of the UAE / India Economic Forum will take place in Dubai in October. It is aimed at increasing bilateral trade between the two countries. An article on the subject is published by Arabian Business on September 2, 2016. Arabian Business that is close to the subject, has published early this year, the List of the 50 Richest Indians in the GCC in 2016 and 100 most powerful Indians in the GCC. Also and as reported by The Times of India, Indian expatriates were hit hard as Gulf economies slip on free fall in crude oil prices, the situation has not improved and to a large extent, should remain the same for the foreseeable future in the GCC whereas, it is getting notoriously known that India’s economy seems to be ‘flowering’. What would the outcome of such a gathering be?
UAE, India to hold second summit to drive bilateral trade
Building on the success of the event’s first edition last year, Consulate General of India in association with UMS Conferences have announced that the second edition will take place on October 19-20 at Madinat Jumeirah.
It will provide a vital platform for business leaders and government authorities to discuss key opportunities for diversifying and deepening the economic partnership between the two countries, a statement said.
India is considered to be the UAE’s primary trade partner, accounting for about 9.8 percent of its total non-oil trade.
Bilateral trade between the UAE and India has grown significantly from $180 million in the 1970s to around $60 billion per annum, and is predicted to reach $100 billion by 2020.
Aimed at addressing the policy framework and guidelines needed to attract investors, sovereign wealth funds, large corporates and industries, the forum will include an investors roundtable, government panel on bilateral trade and a start-up zone.
Jamal Al Jarwan, secretary general of UAE International Investors Council (UAEIIC), said: “Economic ties between the UAE and India go back hundreds of years and we are proud of the two countries’ sustained efforts to strengthen this relationship further. As an initiative founded on the success of the two countries continued commitment to boost mutual bilateral ties, the UAE India Economic Forum provides UAEIIC members with a constructive platform to discuss challenges and opportunities concerning their investments in India.”
Ravi Raman, member of the organising committee, added: “We are enthused and encouraged by the tremendous support that the second edition of the forum is receiving. The UAE and India are stepping into the future with a renewed strategy for mutual business growth and we are looking forward to contributing to this partnership with an even bigger and impactful event with a range of speaker sessions, panel discussions and participation of government entities and well-entrenched business houses.”
The 2015 event attracted more than 300 delegates from the C suite as well as Ministry and Government officials in addition to business owners from UAE and India.
In May, five Indian-owned businesses in the UAE committed more than AED13.44 billion ($3.65 billion) towards infrastructure and industrial development initiatives in the north Indian state of Uttar Pradesh.
The milestone development was announced at the Uttar Pradesh Investment Forum and comes as UP Chief Minister Akhilesh Yadav’s government launched a programme to attract investments from across the globe, especially from the Middle East.