UAE and India Explore Investment Opportunities in New Economy and Tourism Sectors

 

In a recent meeting between H.E. Abdulla bin Touq Al Marri, UAE Minister of Economy, and Shri Piyush Goyal, Indian Minister of Commerce, Industry, Consumer Affairs, Food & Public Distribution, and Textiles, along with Shri G. Kishan Reddy, Minister of Tourism and Culture of India, the two nations discussed frameworks to strengthen economic and trade cooperation. The focus of the discussions revolved around exploring investment opportunities in the new economy and tourism sectors, aiming to further enhance the bilateral relationship between the UAE and India.


H.E. Bin Touq emphasized the exceptional model of bilateral cooperation and fruitful partnership that has evolved between the UAE and India. This partnership is aimed at promoting sustainable development, economic welfare, and the steady prosperity of their people. The UAE-India relations have been growing rapidly, with Abu Dhabi and New Delhi seeking to build upon their existing cooperation, especially in light of the Comprehensive Economic Partnership between the two countries.



During the meeting, H.E. Bin Touq highlighted the importance of boosting the volume of non-oil trade exchange, which reached AED 189 billion in 2022, a 15 percent increase from the previous year. The ministers acknowledged the significance of increasing mutual investments and diversifying them into new sectors. The UAE has already invested approximately AED 56.5 billion in India by the end of 2022, with a focus on renewable energy, telecommunications, roads infrastructure, real estate, and start-ups. On the other hand, Indian foreign direct investment (FDI) in the UAE reached AED 30 billion in 2020.


The meeting discussed the Economic Partnership Agreement (EPA) signed between the UAE and India one year ago, which has been a key milestone in their bilateral relations. The EPA has strengthened the trade and investment cooperation between the two nations and ensured the smooth flow of goods and commodities. It has opened up new avenues for sustainable growth in both economies. H.E. Bin Touq expressed the UAE's eagerness to establish new pathways that would further strengthen joint investment flows, particularly in other priority sectors.


The ministers also explored innovative initiatives aimed at enhancing the private sector's access to opportunities and supporting the growth and expansion of startups in both countries. By offering advantages and incentives, these initiatives aim to promote the startups' contribution to the GDP of both nations.


The UAE-India meeting reflects the shared commitment to foster economic collaboration and maximize the potential of the new economy and tourism sectors. By deepening their economic ties, the UAE and India are poised to create mutually beneficial opportunities and contribute to the sustainable development and prosperity of their peoples.

Comments

Post a Comment

Popular posts from this blog

UAE sends 14 tonnes of relief aid to Ukraine

Image
  In a show of continued commitment to humanitarian assistance, the United Arab Emirates (UAE) has sent 14 tonnes of relief aid to Ukraine. The aid was transported by an aircraft and included supplies such as blankets, personal care items, and LED bulbs to help the people manage the harsh winter conditions. This delivery of relief aid is just one part of the UAE's ongoing efforts to assist the Ukrainian people during the crisis. The country has established an air bridge that has sent 11 aircraft carrying approximately 550 tonnes of relief supplies to Ukraine. The supplies have included items such as medical equipment, food, and water. The UAE's commitment to helping those in need is not new. The country has a long history of providing humanitarian assistance to countries around the world. In fact, the UAE is one of the largest donors of humanitarian aid in the world, providing aid to countries affected by conflicts, natural disasters, and other crises. The UAE's efforts to ...
Read more

UAE Shares Digital Innovations in Payments and Remittances at G20 GPFI Meeting

Image
  The United Arab Emirates (UAE) has been an active participant in the Global Partnership for Financial Inclusion (GPFI) under the Finance Track of the G20 for 2023. Recently, the UAE participated in the second GPFI meeting, held on 6th-7th March in Hyderabad, India, under India's G20 Presidency. The meeting aimed to review the progress made on the GPFI workplan and the priority areas outlined for the group in 2023, including the development of the Financial Inclusion Action Plan 2023. The UAE delegation consisted of two members, Mariam Al Hajri, Deputy Director of the General Budget Department at the Ministry of Finance, and Faiza Al Awadi, Head of Financial Consumer Protection at the Consumer Protection Department at the Central Bank of the UAE. The delegation participated alongside other G20 members, invited countries, GPFI country members, and international organisations such as the World Bank and the International Monetary Fund (IMF). On the first day of the meeting, the UAE d...
Read more

ADNOC Gas Launches $2.5bn IPO on Abu Dhabi Stock Market

Image
  The Abu Dhabi National Oil Company (ADNOC) has recently announced the launch of its gas unit on the Abu Dhabi stock market. The newly formed gas unit, ADNOC Gas, is expected to raise $2.5 billion through an initial public offering (IPO), which aims to tap into the high demand for fuel in the region. ADNOC is one of the world's leading energy producers, operating across the entire hydrocarbon value chain. The company has a significant presence in the United Arab Emirates (UAE) and is a major contributor to the country's economy. The IPO of its gas unit is a significant development for the company and the region. ADNOC Gas only became operational at the beginning of this year, but the company has already generated a great deal of interest from investors. The offering was heavily oversubscribed, even after the company expanded the offering from 4.0 to 5.0 percent of its issued share capital in response to strong demand. The final price for the shares was set at 2.37 dirhams ($0....
Read more