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UAE Freezones Biz News Updates
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Summit set to increase SME business ties between UAE and India
 The
visit to India of Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and
Deputy Supreme Commander of the Armed Forces, pictured with Indian prime
minister Narendra Modi, in January has helped cement ties.
India looks to smooth the path for Emirati investors in medium-sized
projects by offering advice and knowledge of the processes involved
Giving Emiratis the confidence to “pitch camp” in India by investing in
medium-sized projects such as housing and leisure tourism is the focus of
initiatives being pursued by both nations ahead of a India-UAE Partnership
Summit next month.
Dr Azad Moopen, Aster DM Healthcare’s chairman, said the aim was to help
Emirati businessmen understand the market in the sub-continent.
“We have received support to pitch camp and do business here so we would
like to take Emiratis to India and make them understand what it is to do
business in India,” said Dr Moopen at a conference on Tuesday at the Indian
consulate to announce the summit.
“A businessman will not pitch camp in India unless you have a personal
relationship with them and give them confidence, and we want to be part of
that,”
Small and medium-sized enterprise projects ranging from 10 to US$50 million
are likely to be showcased at the two-day summit, which aims to bring
together ministers, government officials, industry leaders and investors
from both countries.
“Government bodies and the large corporates will look at the higher end of
the business, like large infrastructure projects. We will focus on medium
and small enterprises. We will provide full-time support and information
about the projects and how to take them forward,” said Dr Moopen, head of
the six-month-old Business Leaders Forum comprising about 100 Indian
businessmen.
He said personal ties with Emiratis and links back home were important.
“I’m from Kerala so an Emirati known to me will have confidence to invest in
a business in Kerala. We should be using our personal contact to help
Emiratis come to India,” Dr Moopen said.
Total UAE investment in India is estimated to be about $10 billion including
foreign direct investment of almost $5bn. Investments by Indian companies
and Indians in the UAE is estimated at more than $55bn.
The non-oil trade between the two countries for 2016-17 was $53bn, making
India the UAE’s largest single trading partner, while the UAE ranked number
three for India, after China and the United States.
Navdeep Singh Suri, Indian Ambassador to the UAE, said there was a renewed
focus following the visit of Sheikh Mohamed bin Zayed, Crown Prince of Abu
Dhabi and Deputy Supreme Commander of the Armed Forces, for India's 68th
Republic Day celebrations in New Delhi in January.
“We may be looking at the billion-dollar projects with sovereign wealth
funds but we also need the $10m and $50m projects in the SME sector and this
partnership will be absolutely crucial to driving investment,” he said.
Airports, highways, railway stations in Mumbai and New Delhi identified for
redevelopment, housing projects and the renewable energy sector were
potential areas for investment, he added.
Sri Priyaa Kumaria, director-general of the India Trade and Exhibition
Centre, said the summit would identify projects with involvement from state
governments, local businessmen in India and UAE industrialists.
The summit will also help Emiratis tackle Indian bureaucracy.
“An Emirati will not understand that land acquisition has different
procedures from state to state. We are looking at streamlining the process
so the investor in India will manage the approvals,” said Mr Kumaria.
Jamal Saif Al Jarwan, secretary general of the UAE International Investors
Council, highlighted the historic ties between the nations.
“After the historic visit of Sheikh Mohammed to India, our message is that
India is a strong partner in business, trade and investment and we want to
strengthen this,” he said.
September 5, 2017
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Courtesy The National
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