Government

India's Finance Minister Mr. Arun Jaitley today opened the highly expected inaugural edition of the UAE-India Economic Forum, which is happening in Dubai over 2 days starting today at the Burj Al Arab hotel. Dealing with a distinguished gathering of senior dignitaries, government officials and magnate, Mr. Jaitley in his keynote address stated that as a regular visitor to the UAE, he has been witness to the accumulation of this area almost brick by brick and the improvement it has gone through to end up being an international center employing the most entrepreneurial strategies.

"Over the last four decades, the great relationship between the UAE and India has actually developed considerably in different directions of human life and civilization supported by the 2 countries' strength of human resource, culture, geography and economy," he stated. Outlining 3 crucial difficulties facing India's financial growth, Mr. Jaitley stated that world economy is under fantastic anxiety with almost every forecast suggesting a negative trend in terms of growth statistics. The worldwide downturn affects the world market, which in turn poses challenges for big economies like India. Second, 55 % of our population is still based on agriculture and with the unpredictability of monsoon, their acquiring power has actually been minimized significantly.Third, while public and foreign financial investment in India has actually grown by 30 % and 40 % respectively, the rate of development in regards to personal investments is still slow.".

To resolve these challenges, Mr. Jaitley highlighted the structural modifications produced by the Indian federal government on the back of country's consistent drive for development, trustworthiness of India's decision-making procedures, bigger aspirations, greater stability and assistance in the direction of policy, quick approvals, and a positive shift in terms of ease of doing company in India. Mohammed Ahmed Bin Abdulaziz Alshehhi, Undersecretary-- UAE Ministry of Economy, stated: "India and the UAE share a really unique bond of friendship and partnership and we welcome the improvement in legislation and laws in India to promote business in the nation. There are lots of success stories of UAE financial investment in India.

Speaking on the occasion, Dr. Jyotsna Suri, President, Federation of Indian Chambers of Commerce and Industry (FICCI), stated: "Prime Minister Narendra Modi's check out to the UAE and his interaction with His Highness Crown Prince Mohamed Bin Zayed Al Nahyan brought a change in India-UAE relationship. We are taking a look at each other with renewed understanding and focus and are dedicated to leveraging the chances for mutual prosperity.". Dr. Suri even more highlighted that India has actually emerged as the top FDI destination ahead of China and the US and that the country has likewise gone up in the most current rankings on 'ease of doing company' brought out by the World Bank-- providing an added incentive to foreign investments. As part of her talk, she discussed a variety of cooperation possibilities between India and the UAE, consisting of infrastructure, energy and info technology. Commenting on the significance of the forum in strengthening the economic ties in between the two countries, H.E. Sharief Habib Al Awadhi, CEO and Director General, Fujairah Free Zone Authority, said: "At Fujairah Free Zone Authority, 40 % of our businesses are from India and online forums like these serve as excellent platforms for the UAE and India's company neighborhoods to increase partnership on a number of economic fronts. We are currently India's # 1 partners in business and India stands as our 2nd largest trade partner.

"Our goal with UAE India Economic Forum was to ponder and debate the Indian opportunity which remains the brilliant spot in the worldwide market. The understandings of the honourable finance minister definitely emphasised this and we see this platform as a launching pad for bilateral investment" stated Ravi Raman, Associate Publisher, Bloomberg Businessweek Middle East media partner and host of the occasion.

India's historical ties with the UAE were substantially enhanced with the go to of Prime Minister Narendra Modi to the nation in August of this year and this was followed by the setting up of a joint company council (JBC) in September. UAE has an essential place in India's energy security as the sixth biggest import-source of unrefined oil in 2014-15. Bilateral trade has actually grown considerably from a level of $180 million in the 1970s to around $60 billion per year now, making the UAE India's third-largest trading partner for 2014-15.

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