Dubai – Indian Prime Minister Narendra Modi’s second visit to the UAE in less than three years will further cement the close relationship between the two brotherly countries and also boost trade ties, Indian businessmen told The UAE News.
The two countries, during the two-day premier visit, are expected to sign as many as 14 agreements in a gamut of areas including space technology, skills development, finance and defence cooperation and investments.
The prime minister has arrived in Abu Dhabi from Palestine. In the Capital, the premier will meet His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and will attend a state banquet.
On Sunday morning, Modi will visit Wahat Al Karama (Martyrs’ Memorial) and pay tribute to the martyred war heroes of the UAE. He will then proceed to Dubai where he will deliver a keynote address at the 6th World Government Summit, in which India is the chief guest country. Modi will also address a 1,800-strong gathering of the Indian community at the Dubai Opera. The UAE is home to more than 3.5 million Indians – the biggest Indian diaspora in the world.
Yusuffali MA, Chairman, LuLu Group International and member of Abu Dhabi Chamber of Commerce, said the UAE has been trying to get Indian businesses to invest in the country and this was a glowing sign of growing relations.
“India has been on an aggressive forward march with regard to attracting foreign investments. The recent report by leading rating agencies and financial institutions have lauded India’s fiscal policies and ease of doing business, so obviously, India does look like a hot destination for investment. As far as the Indo-UAE business relationship is concerned, it is at an all-time high with both the countries being each other’s top trading partner. Modi’s second visit in quick succession is sure to boost the historic ties between both countries. Till recently, India was seen as an investment destination only, but of late, the UAE has been trying to woo Indian businesses to invest and set up operations here. This move shows the kind of confidence the UAE has on Indian economy and I am sure business houses in both countries will be eagerly looking forward to this visit to open up new areas of co-operation.”
LuLu Group has recently announced plans to invest almost $2 billion into setting up shopping malls, hotels, convention centres and food processing units in Indian states of Kerala, Uttar Pradesh, Andhra Pradesh and Telangana.
Kamal Vachani, Group Director of Al Maya Group welcomes the visit of Indian Prime Minister and said, “I am confident that the second visit of Indian Prime Minister will pave the way for further enhancement in already excellent relations. India has always been a key partner in UAE’s trade and economy. This visit will definitely take it to the next level. Infrastructure, sustainable energy and tourism will be the best options for UAE investment. This trip by the Indian premier will pave the way for India”
India, which continues to be among the fastest-growing large economies in the world, offers tremendous opportunities for investors from the UAE and the Gulf region, Vachani said.
Similarly, the UAE is seen as a major investment hub for Indian businesses, many of who have been investing funds into the country in recent months, he said, adding that bilateral investments between the two countries are expected to surge over the coming months, with respective governments promoting such investments.
“India is ranked among the top Information Technology players in the world. I hope the Prime Minister’s visit will boost India-UAE relations in Information Technology sector,” said Vachani, who is also the regional director of Electronics and Computer Software Export Promotion Council (ESC) and past President, Dubai Chapter of Global Organization of People of Indian Origin (GOPIO).
Adeeb Ahamed, Managing Director, Lulu Exchange Holdings and Twenty14 Holdings, said: “The Indian Prime Minister Shri Narendra Modi’s second visit to UAE will add another dimension to the relationship between the two countries. In addition to further strengthening mutual ties between India and the UAE, we believe that various contours across key areas of focus will be expanded through this visit.”
Ahamed added: “The UAE is one of India’s largest trading partners, after China and US. With greater participation across diversified sectors including IT, space technology, defence manufacturing, security, education and renewable energy visible between the two countries over the past few years, we are confident that this visit by the Indian Prime Minister will provide the necessary momentum to increase trade and investment on both sides.” – firstname.lastname@example.org