Government

Abu Dhabi, January 12, 2017 A top-level delegation from the UAE is taking part in the 8th eighth Vibrant Gujarat Global Summit which began on Tuesday, January 10, 2017 - under the theme of 'Sustainable Economic & Social Growth' and will certainly run up until the 13th in Gandhinagar, the resources of Gujarat state in Western India.

The group is headed by H.E. Dr. Rashid Ahmad bin Fahad, Minister of State, and accompanied by H.E. Abdullah bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade and Industry and H.E. Dr. Ahmed Al Banna, UAE Ambassador to India. They reviewed the promotion of mutual financial investments and ways to strengthen financial collaboration taking into account the development objectives of the two nations throughout the summit's opening day.

The UAE is taking part as a country partner of the summit for the first time in addition to 12 various other nations. The ongoing edition was opened up by H.E. Narendra Modi, Prime Minister of the Republic of India, with presidents, leading government numbers and professionals set to review participating and investment opportunities in a variety of locations, most especially making, innovation and technology, little and medium enterprises, renewable resource, and tourist, to name a few.

Throughout the summit's opening session, H.E. Dr. bin Fahad highlighted the value of the historic ties in between the UAE and the Republic of India, which he said are driven by deep and tactical financial ties and typical rate of interests and visions in several development industries. He additionally described their nations' close social and social bonds.

The Minister included that financial connections between the UAE and India have solid potential for additional growth offered the common need of their leaders in addition to their economic sectors to maintain the momentum of their successful bilateral trade and financial investment tasks. He additionally kept in mind the value of the upcoming visit of H.H. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Leader of the UAE Armed Forces, to India by the end of this month. H.E. Dr. bin Fahad described that this will press their relations to greater degrees of growth and success, reflecting their resilient bilateral connections.

The Minister likewise kept in mind the most famous functions of the UAE's financial advancement, which he stated has actually been sustained by huge state financial investments into different non-oil industries over the past decades that have actually contributed to the country's economic growth and strengthened its setting as a regional and global trade and investment center.

He even more commended the success of leading UAE companies purchasing India, such as DP World which is spending greatly in local trade and container procedures in the country. DP World presently operates 5 container terminals which support around 34 percent of container sell India, making it the largest operator of container terminals in the Indian sub-continent.

The Minister included that the UAE currently holds the biggest Indian expatriate community consisting of greater than 2.6 million people, which he said gains around USD 12.8 billion every year per stats from the World Bank. He described the aeronautics field as a major factor to commercial and traveler exchange and sustained bilateral financial growth, keeping in mind that the present average of 1,070 flights a week suggests strong bilateral ties and typical rate of interests.

For his part, H.E. Al Saleh stated that financial ties between the UAE and India have actually been rapidly expanding over the past years and have brought about a high level of partnership. He shared that the UAE's foreign straight investments to India amounted to USD 4.38 billion from April 2000 to the 3rd quarter of 2016, with USD 1 billion posted in 2015 alone. This, he explained, mirrors the speedy development of economic relations between the two nations, better keeping in mind that the UAE is India's 10th biggest investor and the first amongst Arab countries, making up 85 per cent of overall Arab investments in India.

The Undersecretary included that the robust trade exchange in between the UAE and India is a measure of their quickly expanding bilateral financial connection. He revealed that their overall non-oil foreign trade reached greater than USD 34.2 billion in 2015 and exceeded USD 17 billion during the initial fifty percent of 2016, placing the UAE third among India's essential trade companions. India, on the various other hand, ranks first among the UAE's significant trade companions. He said that India is the third biggest merchant, the top importer and the 2nd largest re-exported to the UAE.

H.E. further mentioned that the UAE's revitalizing financial environment - which he noted is backed by laws and policies encouraging of growth and which supply appealing economic rewards and progressed infrastructure along with different other affordable centers for capitalists and investor - has actually efficiently brought in greater than 4,365 Indian trading firms signed up with the Ministry of Economy since 2015, along with over 200 industrial companies and around 5,580 registered Indian trademarks.

H.E. Ahmed Al Banna, UAE Ambassador to India, claimed that the bilateral connections between the UAE and India are unique and distinctive, following its long background and strong ties based upon common respect and typical passions. H.E. Al Banna further claimed that both countries are currently experiencing strong development and maturity, reflected by the dynamic financial and commercial task and have actually revealed interest in further creating a number of financial investment chances He also emphasized that both countries have to make the most of the unique economic, social and social advantages offered by this special and equally advantageous partnership. He additionally kept in mind that Vivid Gujarat Global Summit 2017 represents a significant milestone in accordance with efforts to strengthen interaction networks in between UAE and India and its individuals.

The UAE delegation consists of H.E. Sultan Ahmed bin Sulayem, Chairman and Chief Executive Officer of Dubai Ports World; H.E. Jamal Saif Al Jarwan, Secretary-General of the UAE International Investors Council; Mohammed Nasser Hamdan Al Zaabi, Director of Trade Promotion, UAE Ministry of Economic situation; Ahmed Sultan Al-Falahi, the Trade Attach for the UAE Consular office in India; and 50 UAE investors and business owners.

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