Joyalukkas: UAE-India ties can only get better


Joyalukkas: UAE-India ties can only get better
Joy Alukkas, Chairman and Managing Director, Joyalukkas Group

Joy Alukkas, Chairman and Managing Director, Joyalukkas Group, shares his views on PM Modi's win and UAE India relations

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Published: Sun 9 Jun 2019, 4:17 PM

Last updated: Sun 9 Jun 2019, 6:20 PM

Ties between the UAE and India can only get better from hereon.  The last five years have laid a strong foundation for bilateral ties, and significant inroads have been made in terms of attracting investment and enabling joint initiatives. 
I think energy will lead in terms of attracting investment to India.  ADNOC in collaboration with Aramco plans to invest $44 billion in the refinery-cum-petrochemical complex at Ratnagiri in Maharashtra. 
The currency swap pact and the MoU to explore opportunities for mobilisation of up to $75 billion long-term investment in the National Investment and Infrastructure Fund will possibly be fulfilled in the next five years. 
The UAE will also look for investments in food security by participating in the food processing industry. There is even a strong possibility of joint defence production between the two countries.
Rich dividends
Though the UAE has a large Indian diaspora and has shared a special bond with the country for decades now, investments into India remained relatively insignificant.  During Prime Minister Narendra Modi's tenure, significant inroads have been made in terms of attracting investment from the UAE. 
Over the past five years, there have been high-level visits by the Indian Prime Minister to the UAE.  Each visit has yielded rich dividends. 
Under PM Modi's leadership, we have also witnessed a keenness to expand cooperation between both countries and the bond has blossomed beyond trade and business, which I believe is a very significant milestone.
Inspiring confidence among NRIs
Modi inspires confidence among NRIs.  He described NRIs as India's brand ambassadors.  With the resounding majority, one can sense political stability for the next five years. NRIs are particularly impressed with PM Modi's initiatives of simplifying tax structures and ensuring ease of doing business in India. 
I am sure PM Modi will come up with more friendly policies, which will pave the way for NRIs to expand their business horizons in India.
Overall growth
It is not just my feeling but the feeling of the massive population of India, who have shown confidence in PM Modi to deliver.  Under him, the stature of India has grown globally. 
He is committed to project India as a stable and robust economy and invite investments from across the world.  Increased FDI, Make in India initiative, reforms to the MSME sector, and creation of more jobs will surely help drive the overall growth in India.
Manufacturing, retail to gain momentum
I think that both the manufacturing and retail sector will gain momentum with the various initiatives the government has set in place and will push ahead.  India is home to rich talent and resources, which makes it easier for brands to set up their manufacturing units.
The UAE will probably also look forward to taking advantage of the agriculture sector and the food industry.
Pioneers in jewellery retailing
Joyalukkas group employs over 8,000 professionals across the world. We are one of the pioneers of the modern format in jewellery retailing, and we started this journey from this dynamic country, the UAE.
This has helped position the UAE as the best destination for gold and jewellery shopping in the world and has positioned Dubai as the 'City of Gold'. 
Our organisation is committed to every country we thrive in, and more than this I consider Dubai my second home. 
We have significant business investments across both India and the UAE. The great relationship the UAE leadership shares with our Prime Minister surely gives me the confidence as an entrepreneur to keep investing in both these great nations. 
Future plans
Our plans are clear.  We have the vision to open 200 showrooms across 20 countries by 2020 and India is a major market.  We shall continue to achieve our vision, which involves significant investment in India. 
I am sure PM Modi will bring some great initiatives for the gold and jewellery business, since this makes a significant contribution to the nation's economy.

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