UAE and India discuss enhancing economic cooperation in new economy sectors, family businesses, and tourism

H.E. Bin Touq holds meeting with a top-level Indian delegation

 H.E. Abdulla bin Touq Al Marri, Minister of Economy, held a meeting with R. Dinesh, President of the Confederation of Indian Industry (CII), and several businessmen and CEOs of leading Indian companies, to discuss ways to enhance economic cooperation between the UAE and India. The discussions were aimed at creating new paths to enable the private sector to explore opportunities available in both markets, especially in the new economy sectors, family businesses and tourism.

H.E. Bin Touq said: “The UAE is home to more than 83,000 Indian companies operating in various fields, while India is also witnessing a continuous growth in the number of UAE companies that operate in several strategic sectors. Our goal is to increase the number of companies in the markets of the two countries, especially those that focus on new economy sectors to contribute to creating thousands of sustainable jobs and supporting our comprehensive development efforts.”

 “The UAE’s competitive economic environment has encouraged major global companies to move to the country, carry out their operations and expand into new markets from here. It ensures prosperity and sustainable growth for these companies, thanks to the forward-looking economic policies that were launched in implementation of the wise leadership’s vision. These innovative initiatives have ensured fair competition and ease of establishing and conducting business in our markets, which also benefit from the most advanced infrastructure in the MENA region,” H.E. added.

The Minister of Economy confirmed that the UAE-India strategic relations continue to scale new heights thanks to the visions and goals set by the two leaderships in several areas of shared interest. He pointed out that the UAE’s accession to the BRICS, of which India is one of the founders, in addition to its pivotal role in facilitating the economic corridor connecting India, the Middle East and Europe, will contribute to formulating a new vision for the future of UAE-India cooperation, positively impacting the GDP growth of both nations.

The meeting discussed mechanisms for supporting the private sector in general and family companies of both countries in particular in their expansion into the new economy sectors, as it is one of the key pillars of the UAE’s knowledge economic model. H.E. highlighted the role of the existing partnership between Investopia and CII to support these ambitious endeavors and launch new partnerships that contribute to creating more sustainable jobs.

The two sides also explored the means to strengthen efforts to support existing economic ties, especially in the tourism and aviation sectors, and provide all enablers to the private sector to launch new projects in these vital sectors. These efforts are of great significance since India is one of the five major markets exporting tourism to the UAE. The UAE welcomed more than 3.1 million Indian tourists in 2022 alone, an increase of 900,000 in number compared to that of 2021, while the number of UAE visitors to India reached about 58,000.

The meeting agreed to boost cooperation under the CEPA framework, which provides many benefits and incentives to the business communities, enabling them to create new partnerships, especially in the health, agricultural, educational, and climate technology sectors, and other sectors of the new economy.

Furthermore, H.E. Bin Touq elaborated on the determinants of the “We the UAE 2031” vision, which aims to make the country a global hub for the new economy. The UAE government has adopted several innovative measures to achieve this goal, such as the development of progressive economic legislation and the launch of innovative initiatives and programs that attract FDI, especially in the new economy sectors. In addition, new legislation was issued to protect intellectual property, not to forget the ambitious strategy that was launched to attract talent in all sectors, thus enhancing the UAE’s position as a permanent hub for creativity and innovation.