Officials of the Business Leaders Forum (BLF) have sought greater business-to-business collaboration with Indian companies, following the strong collaboration between the UAE and India.
BLF is a group backed by the UAE’s Ministry of Economy and the Indian embassy and consulate. The close ties may result in a $75 billion (Dh275 billion) UAE investment into India.
“Following a strong government-to-government bilateral trade, economic and strategic cooperation between the governments of India and the UAE in recent years, it’s time for the business-to-business collaboration to take off,” Dr Azad Moopen, President of Business Leaders Forum was quoted as saying in a statement issued by BLF on Tuesday.
India has emerged as the fastest growing major economy in the world as per the Central Statistics Organisation (CSO) and International Monetary Fund (IMF). Indian economy will grow by 7.1 per cent in the fiscal 2016-17. As per the Economic Survey 2016-17, the Indian economy should grow between 6.75 and 7.5 per cent in the fiscal year 2017-18.
“As Indian economic growth accelerates, it needs investment and businesses in the UAE are in a unique position to support India’s economic growth while benefitting from the growing opportunities,” he said.
A 13-member delegation led by CII President Shobana Kamineni and President-Designate Rakesh Bharti Mittal were on a two-day visit to the UAE where they met with Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Shaikh Nahyan Bin Mubarak Al Nahyan, UAE Minister of Community, Youth and Social Development as well as senior government officials and business leaders.
The total FDI investments India received during April - September 2016 rose 30 per cent year-on-year to $21.6 billion, indicating that government’s effort to improve ease of doing business and relaxation in FDI norms is yielding results, according to government data.