Economic sectors can tap positive sentiment

Dubai - Joy Alukkas, chairman and managing director of Joyalukkas Group, said the key expectations from the visit are strengthening of relationship, trade and commerce between the two nations.



By Muzaffar Rizvi

Published: Wed 10 Feb 2016, 11:00 PM

Last updated: Thu 11 Feb 2016, 8:53 AM

The UAE and India have historically shared a good rapport and the high-profile UAE delegation's visit to the South Asian country would be an opportunity to take the bilateral relationship to the next level, says a top Indian businessman.
Joy Alukkas, chairman and managing director of Joyalukkas Group, said the key expectations from the visit are strengthening of relationship, trade and commerce between the two nations.
"There is opportunity in the UAE and India. This visit will help in identifying it and taking firm steps to capitalise on the immense potential," Alukkas told Khaleej Times.
About how this visit will impact the gold and jewellery trade between the two countries, he said positive sentiments would benefit different economic sectors, including the gold and jewellery sector.
"Since the UAE is keen to invest in India and offer the benefit of being one of the best trading hubs in the world, this outlook will help benefit most business sectors in both countries," he said.
"Even though the big items on the agenda during the scheduled visit will be nuclear cooperation, security, industrial cooperation, finance, renewable energy, IT, aerospace, etc., the positive sentiments between the two nations will help bring more tourists from India into the UAE, Among Indian tourists are the largest consumers for gold and jewellery.
"I am also sure the huge delegation of UAE businessmen accompanying His Highness Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, will have specific items on their agenda that will positively impact the gold and jewellery trade as well," he added.
To a question, he said relationship between the UAE and India would only strengthen in the coming years unless there is a dramatic change in outlook for any of the two countries or there is a major policy change.
"We have shared a cordial relationship for a very long time and I don't see anything that will disturb this in the near future," he said.
About his plan to invest in India in the near future, he said the Joyalukkas brand will continue to strengthen its presence across the country.
"We are continuing our big investment plans in India. We have planned to open almost 15 new jewellery showrooms across India this year. In addition, we are also working towards opening two more malls in Kerala," he said.
About expansion in the UAE and GCC, he said seven more showrooms would be launched in the region this year.
"We have a very positive outlook for the UAE and the GCC. Our investments in business verticals other than our core business of jewellery will increase this year," Alukkas concluded.
- muzaffarrizvi@khaleejtimes.com 


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