The Global Summit on Small and Medium Enterprises Kicks off in India

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The Global Summit on Small and Medium Enterprises Kicks off in India

New Delhi, November 23, 2016 The 13th Global Summit on Small as well as Medium Enterprises began the yesterday (Tuesday, November 22, 2016) in New Delhi, India, and will continue till today November 23 with more than 1,000 participants from greater than 20 countries. The UAE participated in the opener as a Partner Nation and also joined an unique panel conversation on major partnership possibilities in the UAE's small as well as medium-sized enterprises (SMEs) field.

The UAE delegation is headed by H.E. Abdullah Bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade as well as Industry, and consists of H.E. Dr. Ahmed Abdulrahman AlBanna, Ambassador of the UAE to India; Mohammed Al Yousfi, National Program Director for SMEs; Ahmed Ibrahim of the Mohammed Bin Rashid Establishment for Little as well as Medium Enterprises Advancement; Jason Weslo, Senior Executive Director in Dubai South; as well as representatives of federal and local government agencies, and also more than 25 entrepreneurs and also SME owners.

Throughout his opening up speech for the top being held under the motif 'Global Partnerships in small and Medium Enterprises to Promote Lasting Growth,' H.E. Al Saleh highlighted the solid historic connections between the UAE and also the Republic of India in any way financial as well as cultural levels, stating that India is the largest trading partner of the UAE which consequently is the third largest international partner of India.

Indian investments in the UAE have reached more than USD 6 billion so far-- the third largest for the country-- while the UAE is India's 10th biggest foreign investor as well as the region's first.

The Undersecretary pointed to numerous indications of the solid connections in between both nations, noting that Indians consist of the largest expat community living as well as working in the UAE at around 2.5 million, with their yearly quantity of remittances estimated at USD 12 billion.

H.E. Al Saleh clarified that one of the most popular industries for joint financial investments between the two countries include construction, power, infotech, as well as solutions. He mentioned that the summit offers a suitable platform for the exchange of information as well as possibilities on capacities for enhancing collaborations in the priority industries of both celebrations in the coming period, concentrating particularly on prospects for SMEs.

The Undersecretary revealed that bilateral trade between the two countries has expanded gradually, with non-oil exchange inclusive of complimentary areas tape-recorded at USD 34.2 billion by the end of 2015, as well as at more than USD 17 billion throughout the very first fifty percent of 2016.

H.E. Al Saleh underscored the vast possibilities supplied by the top to talk about means to boost collaboration in areas of typical rate of interest and also shared leads in the SME field in addition to the exchange of experiences and plans related to the development and also growth of this vital sector.

He included that the SME field consists of more than 90 percent of the companies operating in the UAE and India, making it a top concern for both countries. He also stated that the Emirates values this market because of its significance in advertising a diversified economic situation based upon knowledge. He shared that the UAE has established an objective to boost the payment of SMEs to the national GDP to 70 percent by 2021. Commenting on the function of the UAE as the summit's Dr. AlBanna, said that SMEs are of fantastic relevance in promoting financial development as they play key roles in giving brand-new works, promoting innovation, and also spurring exports.

The Ambassador added that provided the close bilateral relationships unifying the UAE and the Republic of India, the summit supplies the excellent platform for strengthening cooperation in the SME field and checking out opportunities for developing even more collaborations in this major sector as well as trading experiences and knowledge for the passions of both nations.