Sajan: Visit to promote sustainable growth

Dubai - After the visit, significant investments in railways, ports, roads, airports, industrial corridors and parks will fasttrack the 'sustained prosperity' agenda agreed upon by both the countries.

The high-profile UAE delegation's visit to India led by His Highness Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, will benefit every sector in attaining sustainable growth, said Rizwan Sajan, founder and chairman, Danube Group, who is accompanying the team.
After the visit, significant investments in railways, ports, roads, airports, industrial corridors and parks will fasttrack the 'sustained prosperity' agenda agreed upon by both the countries.
The UAE delegation's visit could not have been timed better as both countries enjoy close and friendly ties based on historic and cultural exchanges. India and the UAE share centuries-old relations of commerce, culture and kinship.
"We have high expectations from the UAE delegation's visit to India as it would impact investment opportunities within the two economies," said Sajan.
Reflecting on UAE-India trade, Sajan said that global competition, specifically with China, had resulted in considerable reform of the economic structure in the UAE, and a move toward new products, markets and trade partners. Continuing reforms to eliminate trade diversion from preferential agreements and to improve the business environment will improve overall productivity.
More exports
"Export growth can be driven by an intensification of existing relationships such as exporting traditional products to old markets or by the discovery of new export products and markets. The change in export flows to new markets and new products appears to have been the dominant driver of export growth for most Mena countries, including the UAE," he said.
In recent decades, the UAE's economic progress has been one of the global success stories, transforming the nation into a regional leader and a thriving international centre that attracts people and business from across the world.
India has emerged as one of the major world powers. India's rapid growth and modernisation, along with its talented human resources and large markets, make it one of the anchors of the global economy.
"The dynamism of the two countries has translated into a rapidly expanding economic partnership, making India the UAE's second largest trading partner. Also, the UAE is not only India's third largest trading partner, but also its gateway to the region and beyond," said Sajan.
There has been a significant progress in the discussed areas and things have been on track for a few months now since Indian Prime Minister Narendra Modi visited the UAE in August last year.
Strategic partnership
The visit of an Indian Prime Minister to the UAE after 34 years marked the beginning of a new and comprehensive strategic partnership between India and the UAE.
Asked about the $75 billion infrastructure fund, Sajan said: "The process seems under way and the fund will be functional in no time. The two governments have earmarked sectors like railways, ports, roads, airports, industrial corridors and parks for investment."
The UAE can gain from rapid strides made by India in space and software as it seeks to grow into a knowledge economy. The Indian Prime Minister was keen that the UAE invest more in Indian sectors like tourism, infrastructure and retail. There are opportunities to grow together for the two countries.
The UAE is at the heart of the Gulf and West Asia region and its major economic hub. India, with seven million citizens in the Gulf, also has major energy, trade and investment interests in the region.
- sandhya@khalejtimes.com