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Stage set for a brighter future, say analysts
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UAE companies are expected to win business in a range of sectors in India
Khaleej Times spoke to leading analysts and discovered that the stage has been set for brighter future as agreements or Memorandum of Understanding (MoUs) signed in 2016 are now taking deeper roots.
"We have recently widened the area of cooperation ranging from space collaboration, to agri and SME tie ups in addition to infrastructure financing. The number of the MoUs between the two countries in the last 18 months show the eagerness of working together," said Rashesh Shah, chairman and chief executive officer, Edelweiss, in which Abu Dhabi Investment Authority, or Adia, holds a stake.
Since the visit of Indian Prime Minister in August 2015 to the UAE, he said the engagement between the two countries has been growing. MoUs typically require around three years to work out the logistics, scope, overall intent post which you will see deployment.
"Given the scale and sheer plethora of sectors that are getting covered makes me believe that the stage is getting set for a bright future. It is also a reaffirmation of the deep friendship historically enjoyed between our two great nations along with close trade and cultural relations," Shah said.
UAE is presently the 10th largest investor in India and Frost & Sullivan expects investments between India and UAE to increase significantly with the establishment of UAE-India Infrastructure Investment fund. Private sector investments are expected in energy, IT, new technology platforms including online and mobile, e-commerce, etc. India presents a compelling market for UAE companies to seek growth.
UAE companies are expected to win business in a range of sectors in India as India embarks on its mission to build 100 smart cities by 2025. India stands to benefit tremendously from the know-how of Dubai firms in developing world-class urban and transport infrastructure. Companies like DP World are also involved in development of mega-sized ports along the Indian coastline.
"Since the signing of the MoUs, several developments have brought India and UAE closer. E-tourist visas are made available to Emirati tourists travelling to India. There were high profile bilateral visits following the signing of the MoUs, including the visit to UAE by Indian Defense Minister Manohar Parikkar in May 2016 bolstering initiatives for defense cooperation," Mani James, vice-president and Janesh Janardhanan, associate director, public sector practice, Frost & Sullivan, said.
He said the UAE opened a new Consulate General in Thiruvananthapuram, Kerala in October 2016. Dubai Ports Authority is exploring development and expansion of ports in India, and UAE is setting up oil storage facilities in India.
"Large UAE-based businesses owned by Indian businessmen are also increasingly expanding their footprint to India - including Lulu and DM Healthcare. Similarly, Indian businesses are expanding their business presence to UAE - including Adventz Group and Shapoorji Palloonji," he said.
Echoing similar positive sentiments, executive chairman of Alpen Capital Rohit Walia said the business environment in the UAE offers strategic advantages to potential investors such as availability of reasonably priced energy and feedstock supply, low tax environment, well-developed infrastructure, growing population and increasing income levels, cheap funding conducive for the development of various industries in the region.
"All these advantages, if properly showcased, could attract substantial investment flows from Indian corporates, who are looking to expand their global footprint and scouting for distinctive cost advantages to remain globally competitive," Walia said.
"In the last two years, we have seen several Indian banks set up in the DIFC and show keen interest in funding Indian businesses in the UAE," he said.
> An MoU titled Executive Programme for Cultural Cooperation between the Government of the UAE and the Government of India (2016-2018) aims at developing and boosting cultural relations between the two countries, protection of national heritage and exchange of publications of mutual interest.
> An MoU between the UAE’s Insurance Authority and the Insurance Regulatory and Development Authority of India (IRDAI) aims at promoting cooperation in insurance regulations.
> An MoU between the UAE Space Agency and the Indian Space Research Organisation facilitates cooperation in the area of space exploration and the peaceful use of outer space. The MoU aims at introducing cooperation in space-related activities and achieving the two states’ common interest in the use and development of space technology applications for peaceful purposes.
> A Letter of Intent between the UAE’s National Qualifications Authority and India’s Ministry of Skill Development and Entrepreneurship establishes cooperation in the areas in skill development and mutual recognition of qualifications as well as transfer of skilled labour between India and the UAE and implementing the principles of equality and mutual benefits.
> An MoU for cooperation in the area of combating electronic crimes. The MoU was signed between the UAE’s Ministry of Interior and India’s Ministry of Home Affairs. The MoU aims at boosting cooperation in the area of electronic crimes, which threaten to destabilise societies.
> A General Framework Agreement between the UAE’s Ministry of Foreign Affair and India’s Ministry of New and Renewable Energy sets out cooperation in the area of renewable energy, especially in the area of investments and joint research and development efforts between the two countries.
- sandhya@khaleejtimes.com
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