Abu Dhabi: The trade relations between India and the UAE are expected to get a boost as His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces embarks on a three-day visit to India starting on Tuesday, businessmen in the UAE said.
The visit of the Abu Dhabi Crown Prince comes as Indian government focuses on attracting more foreign direct investment and ease doing of business with less paper work and more online transactions.
The government is also trying to implement a uniform tax structure through the introduction of Goods and Services Tax bill that is expected to boost the investment in the country.
The bilateral trade which is about $50 billion is expected to hit $100 billion by 2020 due to growing ties between the two countries, businessmen said.
“Moreover, as for the Indian market, with the renewed ties with the UAE, I am sure many UAE-based firms will look at expanding their foothold in the Indian market,” he said.
“I am sure the business leaders of UAE, will get first-hand information about these initiatives during the various bilateral engagements that will take place during this visit,” he said.
A number of companies are planning to increase their investments in India while maintaining their strong presence in the UAE. Aster DM Healthcare is planning to ramp up investments in India as trade relations grow between the two countries. The company runs 10 hospitals including a medical college in India.
Faizal E Kottikollon, Founder and Chairman of Dubai-headquartered KEF Holdings said the UAE has created a strong and open business ecosystem through deep engagement across communities and nations.
“As an NRI businessman with operations both in the UAE and India, I am confident that this continuing synergy between the two governments can deliver opportunities in the future,” said Kottikollon.
Indian economy is projected to grow by 6.6 per cent in the current fiscal year, International Monetary Fund earlier this month.