GCC Set for Major Trade Talks with India
With the India-UAE Partnership Summit (IUPS) fast approaching, a series of major infrastructure projects are anticipated to be finalised and announced shortly.
Among the deals already announced are:
- US$50 billion investment in India from the GCC in one year
- A $40 billion investment in an oil refinery in India from Saudi Aramco
- A $4 billion investment from Emirates in an aircraft maintenance and repair area in Andhra Pradesh
Although the projects will take many years to complete, they reflect a growing investment appetite by Gulf investors in to India’s growing economy.
H.E. Navdeep Singh Suri, Ambassador of India to the UAE, said: “We are delighted to support the 2nd IUPS being organised by BLF.
“Its objectives and agenda fit perfectly into our own efforts to promote the strategic partnership between India and UAE.
“We are working with major UAE entities like Abu Dhabi Investment Authority (ADIA), Mubadala and Abu Dhabi National Oil Company (ADNOC), with leading companies like DP World and Emaar Properties and also with some of the top NRI-owned business groups to promote investment into India.
“I am confident that this Summit will be an important step in encouraging investments into specific sectors and projects being promoted by the participating states.”
H.E. Juma Al Kait, Assistant Under-secretary of the UAE Ministry of Economy, said: “The India-UAE Partnership Summit (IUPS) provides a unique platform to highlight investment potentials in India and the UAE and create awareness among investors, about these opportunities.
“The summit also disseminates information about the policy framework of the governments of both countries and facilitates networking among High Net-Worth individuals, top business leaders, industrialists, investors, bankers, businessmen, institutions, chambers of commerce, industry professionals and high-ranking government individuals.
“Over the years, India and the UAE have forged strong bilateral ties, with focus on key sectors like energy, construction, aviation and SMEs.
“IUPS will explore the possibilities of deeper cooperation in sectors of mutual interest, like hydrocarbon, civil aviation, maritime, renewable energy, space and exploration, to name a few.”
Meanwhile, two-way trade between the two countries is expected to cross US$100 billion a year by 2020, according to recent reports.
Mr Vipul, Consul General of India, said: “Our trade and investment relationship with UAE continues to prosper under the visionary leadership of both countries and the discussions at IUPS will again showcase that strong relationship.
“I am sure that this year’s IUPS will be a bigger success than last year and connect the government and business communities of both countries to forge new partnerships.”
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