UAE, India to strengthen partnership in the sustainable economic sectors

A new version of ‘Investopia Global Talks’ was launched in Chennai, Tamil Nadu, India, with an aim to strengthen the economic partnership between the UAE and the Republic of India in new and sustainable economic sectors, especially in logistics, advanced industries, entrepreneurship, SMEs, environment and investment.

The event was organised by Investopia in cooperation with the Government of the Indian State of Tamil Nadu and the Confederation of Indian Industry (CII), in the presence of Abdullah Bin Touq Al Marri, Minister of Economy and Chairman of Investopia; Alia Bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship; Dr. T.R.B. Rajaa, Minister of Industry, Investment Promotion and Commerce in the Government of Tamil Nadu; Sunjay Sudhir, Ambassador of India to the UAE; and R Dinesh, President of CII. It drew the participation of more than 300 attendees, including investors, entrepreneurs, economists and representatives of leading UAE and Indian private sector companies.

Bin Touq emphasised Investopia’s key role in strengthening the UAE’s efforts to transition to a new economic model based on knowledge and innovation, given its focus on promoting investment and expansion in new and sustainable economic sectors. Furthermore, it facilitates productive economic partnerships with governments and the private sector in these critical areas, where dialogues have been successful.

Over the past three years, Investopia Global Talks travelled to more than 11 global strategic markets, presenting a series of effective and distinct debates and sessions on economic and investment opportunities in emerging markets, and offering an interactive platform that brought together senior leaders, economic players, investors and entrepreneurs at the local, regional and global levels.

He added that the UAE and India share the vision of embracing a new and sustainable economic model, which underscores Investopia’s key role in promoting and supporting the achievement of this vision in the government and private sectors of the two countries.

The UAE and India are among the fastest growing economies, with the UAE’s non-oil GDP growing by 6.2 per cent in 2023 compared to that of 2022, ranking 5th globally in the real GDP growth index.

Meanwhile, India’s GDP grew by 8.4 per cent in the last three months of 2023. These figures reflect the momentum of growth of economic opportunities in the two countries’ markets during the next phase, given their outstanding economic partnership.

Bin Touq said, “We introduced the inaugural Investopia Global Talks in India in 2021, hosting two sessions in Mumbai and New Delhi. Today, we are launching a new milestone in the South Indian city of Chennai, highlighting the significance we attach to the Indian private sector as a key economic and investment partner to the UAE’s business sector. This has great relevance considering there were over 232,000 Indian commercial licences operating in various economic sectors and activities within the UAE’s markets as of the end of H1 2024. In this, 20,000 Indian commercial licences were registered during the first six months of this year alone.”

“The choice of Chennai, India as the venue for the Investopia Global Talks is driven by its strong economic foundation in new and innovative sectors like electric vehicles, programming, medical tourism, sustainable manufacturing, data centres, and the development of fintech sector. This establishes Chennai as a key hub for fostering attractive investment prospects in these sectors, which are crucial to the UAE private sector to explore and capitalise on. The Indian government has set an ambitious target for Chennai to achieve a trillion-dollar economy by 2030 through sustainable sectors and initiatives, cutting-edge innovations, e-commerce, and the upskilling of talent,” he added.

Alia Abdullah Al Mazrouei, Minister of State for Entrepreneurship, said, “Under the directives of its wise leadership, the UAE attaches significant importance to developing the SMEs sector, which is a key partner in fostering the growth and sustainability of the national economy.

SMEs today make up 94 per cent of all private sector companies in the UAE and contribute 40 per cent to the UAE’s GDP.” She emphasised that the Ministry of Economy has set a target of raising the number of SMEs operating in the country’s markets to one million by 2030. This objective aims to support the increase of the UAE’s GDP to Dhs3 trillion within the next decade, aligning with the goals outlined in the ‘We the UAE 2031’ vision.

“This edition of Investopia marks a new step in fueling SME sector growth in both the UAE and India. Its purpose is to shed light on the opportunities and enablers available to entrepreneurs and startups in both countries, while also motivating them to invest in new economic sectors,” she added.

The latest edition of Investopia Global Talks hosted three-panel discussions that brought together government officials, businessmen, and investors from both countries.