India builds corruption-free system

India, which has prioritised over $1 trillion infrastructure development as a key growth driver, is "ready to cooperate and welcome everyone to explore and invest in India," Nitin Gadkari, India's Minister for Road Transport and Highways and Shipping, said.
Calling for increased investments from the Emirates to fuel the spectacular growth story of India - which is among the top three destinations for UAE investors - the Indian minister said his country is building "a system that is transparent, time-bound, result-oriented and corruption free without which we cannot achieve our goals."
Addressing participants at the 2nd UAE-India Economic Forum in Dubai, the Indian minister said the UAE is definitely one of the success stories the fastest growing major global economy always considers in its ambitious infrastructure development drive.
"Our government led by the directives of our Prime Minister is bringing about administrative and economic reforms. We currently have infrastructure projects worth billions of dollars being planned and implemented. We are ready to cooperate and welcome everyone to explore and invest in India, the fastest growing economy in the world," Gadkari said.
Dr Abdullah bin Mohammed Belhaif Al Nuaimi, the UAE Minister of Infrastructure Development, who inaugurated the Forum at Jumeirah Mina A'Salam Hotel jointly with Gadkari, said there are a number of factors that make the UAE an attractive investment destination due to its strategic geographical location and regulatory system that protects investors and facilitates trade, among others.
"India is a key global trade and commerce partner for the UAE with ties between the two countries going back a long way and continuing to grow significantly. Indian expatriates have successfully helped build the UAE which currently hosts the largest Indian community overseas with over 2.6 million living and working," the UAE minister said. A number of high profile dignitaries, government officials and business leaders from both countries took part at the forum, hosted by the Consulate General of India in Dubai and supported by the UAE Ministry of Economy, in strategic partnership with UAE International Investors Council, Federation of UAE Chambers of Commerce and Industry, Invest India, Abu Dhabi Global Market and Dubai Economic Council. Indian Consul General Anurag Bhushan made the opening remarks for the two-day forum.
Hani Al Hamli, Secretary General, Dubai Economic Council, said India is one of the main trading partners for Dubai and the UAE with non-oil and overall trade reaching $28 billion and $60 billion respectively in 2015.
He said India is also the largest export destination for Dubai with Indians accounting for the largest number of property buyers and tourists in the emirate. "The Council is working very hard with its counterparts in India and has forged strategic partnerships with a number of Indian institutions from both public and private sectors. We need to further enhance relationships from merely trade and cooperation to strategic partnerships and alliances, harnessing the potential of both countries - resources, labor, investors, knowledge and expertise for a better future." Calling on the Indian government to iron out any regulatory, legal or bureaucracy related issues that affect investor transparency, Jamal Al Jarwan, Secretary General, UAE International Investors Council, said the "UAE is very active when it comes to exporting capital - ranked number two after Norway when it comes to sovereign wealth investments - and India should capitalise on this."
"There is no doubt that there are excellent trade relations between the UAE and India. India is among the top three destinations for UAE investors and this relationship can be leveraged to pave the way for future cooperation and collaboration as economic growth is key for the prosperity of any nation," said Al Jarwan.
Expressing excitement about the system changes and potential in India with nearly $70 billion of investment being invited, Dr Azad Moopen, Chairman, Aster DM Healthcare said the focus of the Indian government on infrastructure development which requires significant funding, is a huge opportunity for UAE investors.
"On the other hand, key factors such as peace of mind, freedom and safety, social infrastructure, logistics and connectivity, and vision of the leadership to make UAE one of the top 3 countries in the world in terms of ease of doing business, make UAE an attractive investment destination."
Dr Moopen called on the UAE government to consider offering permanent residency to long-term investors and increasing foreign ownership of businesses to possibly 100 per cent.
Ravi Raman, Member of the organising committee of the Forum, said apart from the encouraging turnaround of delegates the Indian minister also had several meetings on the sidelines which make the forum even more fruitful and productive.
The first day of the forum featured multiple sessions covering various industry topics including investments, infrastructure, transportation and real estate. A number of ministers, policy makers and business leaders from India and the UAE shared their views and thoughts during the forum.
- issacjohn@khaleejtimes.com