UAE, India can grow investment synergies

UAE, India can grow investment synergies
Anurag Bhushan and other speakers at the International Trade Conclave organised in Dubai on Saturday.

dubai - As India tries to attract foreign investment, GCC countries' share still remains small



by

Sandhya D'Mello

Published: Sun 25 Sep 2016, 6:40 PM

Last updated: Sun 25 Sep 2016, 8:42 PM

The UAE and India can tap new areas for trade and investment as both nations explore the full potential of available opportunities, said Dr Jaydeep Mukherjee, faculty coordinator, International Trade Conclave.

The Indian Institute of Foreign Trade (IIFT), a trade institute in India, has been working to foster international trade relations through various initiatives. One step in this direction was by organising international trade conclaves to bring together thinktanks from various fields.

The trade conclaves that started in Singapore have moved to Dubai in recent years, identifying emerging opportunities in the Gulf. The IIFT is aiming for a holistic trade partnership between the UAE and India and takes pride in the vast alumni community in the UAE.

"With India aggressively trying to attract foreign investments, the share of GCC countries still remains miniscule, with UAE accounting for more than 85 per cent of that share. India needs to tap the deep pockets of the GCC countries. Recent initiatives such as Make in India, 100 Smart Cities and setting up of special economic zones, provide opportunities for such countries to invest in India," said Mukherjee.

The UAE has been seeking new avenues for investment in areas such as cyber space, renewable energy, infrastructure development and space exploration. Talent export has always been a key driver of the India-UAE partnership. The UAE can explore investments in education, healthcare and medical tourism in India. Meanwhile, India needs to explore the full potential of its agricultural trade.

"The decline in trade between India and the UAE in the last few years shows that bilateral trade is largely driven by commodities. The underlying volatility in the prices of commodities is the reason behind the trade decline. Also, the infrastructural and bureaucratic bottlenecks in India act as a deterrent towards attaining these goals," said Mukherjee.

The fourth International Trade Conclave hosted by the IIFT on Saturday was inaugurated by Anurag Bhushan, Consul-General of India in Dubai, Ajay Mathur, CEO of ETA commodities and head of the Dubai chapter of IIFT, and Mukherjee, faculty of IIFT, New Delhi.

The trade conclave witnessed speakers discussing the topic - 'India-Gulf strategic partnership in trade and investment: Challenges and future roadmap'. This is the sixth in a series of trade conclaves being organised by the IIFT to promote India's international trade.

- sandhya@khaleejtimes.com


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