UAE commits $100b for investment and infrastructure creation in India
Indian Commerce Minister urges industrialists to use UAE’s infrastructure for growth
Dubai: India’s Minister for Commerce and Industry, Piyush Goyal, discussed the opportunities with industry leaders to expand their global footprint by leveraging business platforms and infrastructure offered by the UAE.
Dubai’s DP World presented the market expansion opportunities it offers to Indian businesses and exporters, the Ministry of Commerce and Industry said in a press release.
The firm is setting up India Mart Traders Market, a dedicated market for Indian businesses which would enable traders and manufacturers to trade with the UAE local market and regional market. The potential offered by Dubai’s Jebel Ali Free Zone (Jafza), one of the world’s leading free trade zones, was also presented to the Indian industry, according to the release.
Speaking about the immediate UAE opportunity presented by DP World and the Government of UAE, Goyal said “We are looking for this to become a $10 billion opportunity for India also showcase Brand India on the global stage.”
India eyes GCC markets
Industry representatives welcomed the initiative and offered their ideas and suggestions to leverage its potential. Goyal added that the goal is to become number one trading partner of UAE. The Minister said “UAE is a gateway to Gulf Cooperation Council and all of Africa”
The Minister thanked the exporters for participating in the deliberations to create a roadmap for expanding Indian exports not only to UAE but also using UAE as a springboard, to expand exports to GCC and other markets in Africa and elsewhere.
The Union Minister shared the highly favourable outcomes which can be expected from the India-UAE Free Trade Agreement, which is in the advanced stages of negotiation and finalisation. “There is a lot of good news coming up, across several sectors, as we negotiate and finalise the FTA with the UAE.”
UAE-India Free Trade Agreement
The Minister shared three examples reflecting India-UAE friendship. “For the first time ever, UAE allotted land for India to set up a temple. This is remarkable as UAE is celebrating 50th year of its formation and India is celebrating its 75th year of Independence. Secondly, UAE has committed $100 billion for investment and infrastructure creation in India. And thirdly, the UAE-India FTA will be India’s fastest negotiated FTA and the fastest-negotiated Comprehensive Economic Partnership Agreement (CEPA) ever between two nations, which also gives the maximum opportunity to India.”
Addressing the exporters and industry, Group Chairman & CEO DP World, Sultan Ahmed Bin Sulayem, spoke about the UAE market and the opportunities available there for Indian products. “The Jebel Ali Economic Zone has hundreds of warehouses suitable for any trader who would like to see and feel the market. The time is right for India to seize the opportunity in the world market. There is a huge shortage everywhere, which India can fill.”
DP World official, Abdulla Al Hashmi presented to the industry the potential offered by the twin projects India Mart Traders Market and Jebel Ali Free Zone. Speaking on the occasion he said, “We want to support Made in India products to be exported to the world.”