Indian businessmen to explore sectors for investment in UAE

Dubai, Sep 22: Leading Indian businessmen will participate in a panel discussion here next week to review India's FDI policy and identify key sectors for investment in the UAE.

The industry-led panel discussion between India and the UAE will also highlight the goals of Indian entrepreneurs in the Middle East and the outlook for the future besides exploring strategic ties between both the countries.

It will be the highlight of this year's Sharjah Foreign Direct Investment Forum (Sharjah FDI Forum 2016), to be held on September 28-29, a statement release said.

"The UAE has deep-rooted historical ties with India. India is the UAE's second largest trade partner, while the UAE is India's third largest trade partner after China and the US. The annual trade between the UAE and India touches USD 60 billion (AED220 billion) at present," said Marwan bin Jassim Al Sarkal, CEO of Shurooq.

"The diversity in investment and business opportunities available in both countries is supported by mutual expertise, modern technology, capital and skilled human resources. All these important elements have helped achieve the setting up of successful joint ventures and economic growth.

"They have contributed to create strong and effective partnerships in various sectors, specifically in Sharjah, which is characterised by a diverse economic system, with no single sector contributing more than 20 per cent of the GDP," he added.

Themed 'Growing Trade Links between India and the UAE,' the activity will form a central plank of the forum, which is being organised by the Sharjah Investment and Development Authority (Shurooq) in collaboration with the UK's Financial Times.

The event will be attended by leading Indian businessmen here. The panelists will examine the outlook for growth and the ways to further bilateral relations in the light of the productive economic ties that the UAE and India enjoy.

The forum will explore the reasons behind the volume of UAE investments in India, which reached USD 1.82 billion between 2000 and 2010, with the UAE's accumulated investments in India exceeding USD 6 billion, spanning the energy, service, metal industries, and property and construction sectors.

The number of Indian companies registered with the UAE Ministry of Economy in 2014 stood at 4,365, 177 trade agencies and 5,579 trademarks, the statement said.

PTI