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A UAE-India Business to Business Centre opened simultaneously in Dubai and Kochi on Sunday to provide information and guidance to the Indian and UAE business community who are keen to invest in both countries.
At a time when India-UAE ties, especially in the business and economic sectors, are poised to grow, the IBMC Financial Professionals Group has launched the UAE-India B2B Centre to channelise investors to specific sectors in both countries. While the Dubai centre will function as a representative office in the UAE, the Kochi centre will be a representative office in India.
The group is also trying to channelise investment from the UAE to various emerging projects in India, including semi-conductor and electronic chip manufacturing plans for which $750 million seed money is needed.
The Electronic Design and Manufacturing Plan involves an investment of $100 billion for zero imports by 2020 because dependence on foreign suppliers poses a threat for India's national security, said Sajith Kumar, managing director of IBMC International, quoting a recent report by Next Orbit Ventures from India.
"Special India-focused investment funds are also being planned from the Abu Dhabi Global Market," Kumar told Khaleej Times. His initiative will use Abu Dhabi as an alternative route to channelise funds to India - a role currently played by Mauritius.
The UAE-India B2B Centre has a broader objective to "support and boost bilateral investment, trade and business".
"We have identified 10 to 15 areas where there is potential for future investment. In the manufacturing sector, there are many new projects coming up in the UAE. India will be one of the major markets for products manufactured here. We have tied up with various free zones and economic departments of various emirates to provide accurate information to potential Indian investors," informed Kumar.
"Basic information needed to start a new company will be provided to Indian investors," he said, adding that the physical offices will conduct road shows in India and the UAE. A B2B portal was launched last year for the same purpose.
"Foreign direct investment and foreign institutional investments are the main areas that we will explore. In India, there is a new plan to manufacture electronic chips and semi-conductors, which are currently imported. These products worth $90 billion are currently imported," he said.
He said UAE investors are interested in India's electronic system design and manufacturing sector.
"We have started negotiations with the sovereign wealth funds of the UAE through the International Investors Council. A new global exclusive India fund is also being formed at the ADGM for the first time. We are coordinating this to give confidence to big investors from the UAE," Kumar said.
"Indian investors are looking for investment opportunities in the UAE. In specialised projects such as solar parks, Indian professionals are keen to explore investment opportunities. Existing Indian companies and businesses are not fully aware of emerging opportunities in the UAE. We are going to be a source of information and guidance."
Located at Al Manara Office, Dubai, the UAE-India B2B Centre was inaugurated jointly by Shaikh Khalid bin Ahmed Al Hamed, chairman of IBMC International UAE, and Kumar.
- sathish@khaleejtimes.com
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