UAE participates in Vibrant Gujarat Global Summit

ABU DHABI, 50 UAE investors and businessmen are attending the eighth edition of Vibrant Gujarat Global Summit in Gujarat, west India, under the leadership of Dr. Rashid Ahmad bin Fahad, Minister of State.

The conference is being held under the theme ‘Sustainable Economic & Social Development’, and will conclude tomorrow.

The UAE delegation includes Abdullah bin Ahmed Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade and Industry, Sultan Ahmed bin Sulayem, Chairman and CEO of Dubai Ports World; Jamal Saif Al Jarwan, Secretary-General of the UAE International Investors Council; Mohammed Nasser Hamdan Al Zaabi, Director of Trade Promotion at Ministry of Economy.

Dr. Ahmed Al Banna, UAE Ambassador to India and Ahmed Sultan Al-Falahi, Trade Attache are accompanying the delegation.

At the summit’s opening session, Dr. bin Fahad emphasised the importance of the historic ties between the UAE and India, which he said are driven by deep and strategic economic ties and common interests and visions in many development sectors.

He commended the achievements of leading UAE companies investing in India, such as DP World which is investing heavily in local trade and container operations in the country. DP World currently operates five container terminals which support around 34 percent of container trade in India, making it the largest operator of container terminals in the Indian sub-continent.

The Minister added that the UAE presently hosts the largest Indian expatriate community comprising more than 2.6 million people, which he said earns around US$ 12.8 billion annually per statistics from the World Bank. He referred to the aviation sector as a major contributor to commercial and tourist exchange and sustained bilateral economic growth, noting that the current average of 1,070 flights a week indicates strong bilateral ties and common interests.

Al Saleh said that economic ties between the UAE and India have been rapidly growing over the past years and have led to a high level of partnership. He shared that the UAE’s foreign direct investments to India totaled US$ 4.38 billion from April 2000 to the third quarter of 2016, with US$1 billion posted in 2015 alone. This, he explained, reflects the swift development of economic relations between the two countries, further noting that the UAE is India’s 10th largest investor and the first among Arab countries, accounting for 85 percent of total Arab investments in India.

He revealed that the total non-oil foreign trade between the two countries reached more than US$ 34.2 billion in 2015 and exceeded US$ 17 billion during the first half of 2016, putting the UAE third among India’s most important trade partners. India, on the other hand, ranks first among the UAE’s major trade partners. He said that India is the third biggest exporter, the top importer and the second biggest re-exported to the UAE.

He further stated that the UAE’s stimulating economic environment has attracted more than 4,365 Indian trading companies who are registered with the ministry of economy in 2015, in addition to over 200 commercial agencies and around 5,580 registered Indian trademarks.

Ahmed Al Banna said that the bilateral relations between the UAE and India are unique and distinctive, following its long history and strong ties based on mutual respect and common interests.

Source: Emirates News Agency