The Dubai Economic Council (DEC) and the India Consulate General in Dubai have organized ‘UAE-India Economic Forum (UIEF)’ that taken place on 19th-20th October, 2016 in Madinat Jumeirah, Dubai, UAE. His Excellency Hani Al Hamli, Secretary-General, Dubai Economic Council has attended the event accompanied by the technical team at the Dec Secretariat-General.
The Forum attended by His Excellency Mr. Nitin Gadkari, Minister of Road, Transport & Highways, Government of India, and His Excellency Mr. Mobashar Jawad Akbar, Minister of State for External Affairs, Government of India, in addition to more than 300 delegates from various sectors, public and private, to discuss the investment opportunities in India, and also the horizons of economic relations between UAE and India.
In his welcome note, Mr. Hani Al Hamli stated that UAE and India enjoy maintained historic relations in various areas, economic, political, and cultural, among others. Thanks to the leaders of the two countries for their visions to enhance these relations for the wellbeing of our citizens.
Data is very inspiring. In trade sphere, for instance, India comes on the forefront of major trading partners for the UAE, and also for Dubai, for many years. The non-oil trade between the two countries rose rapidly over the years and reach to 28 billion dollars (equivalent to 100 billion dirhams) last year, and Dubai captures a massive part of it. If we add oil to this figure it would reach 60 billion dollar (equivalent to 210 billion dirhams).
Further, UAE is considered today the world’s largest destination for Indian labour. More than 2.6 million Indians working in the UAE in various industries, sharing the nationals as well the expats from all over the world, safely, healthy and friendly life.
For Dubai, India is the largest export destination. As well, Indians are the largest buyers of Dubai’s properties and tourist services.
Dozens of agreements have been signed between the two countries in various domains to push their ties many steps ahead.
Against this background, the Dubai Economic Council, in terms of its vision to be the strategic partner for the Government of Dubai in economic-decision making, has forged strategic partnerships with a number of Indian institutions from both public and private sectors, most recently the Export-Import Bank of India, and tech Mahindra.
We are currently working hardly with our friends in India to bolster our economic cooperation in accordance with the vision of the UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan and Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum.
the ambitious of Emirati and Indians alike go beyond these figures. We need to gear up these ties into another phase, from merely trade and cooperation to ‘strategic partnerships and alliances’, harnessing the potentials of our countries: resources, labour, investors, knowledge and expertise, for better future.
"In this context, I argue that the newly announced critical initiatives by the UAE federal government, beside those launched by Dubai’s government, innovation’, ‘smart city’, ‘smart government’, ‘Islamic economy, and most recently ‘Dubai Future Accelerators’ among many others, not to mention the announced and future projects under Dubai’s expo 2020, all these projects could turn into vital zones of strategic partnerships between our countries especially for India FDIs to invest heavily here in Dubai and the UAE”, Hani Al Hamli said. “On the other vein, we would also encourage Emirati investors to explore the opportunities in India, the seventh-largest economy in the world with the highest annual GDP growth rate”, he added.
“To that end, I am sure this Forum could be a concrete step towards our shared vision”, Al Hamli concluded..