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June 7, 2017 | 12:00 | Dubai
Dubai Investment Development Agency (Dubai FDI), an agency of Dubai Economy, addressed investors and industry leaders in New Delhi and Mumbai recently as part of attracting investments from India to the emirate and promoting joint initiatives in critical sectors. Dubai Multi Commodities Centre (DMCC) and Dubai Tourism & Commerce Marketing (DTCM) joined Dubai FDI in the two roundtable sessions, hosted by Citibank as part of introducing the emirate’s advantages as an investment destination to its clients.
“India has always been a leading partner for the UAE and Dubai in trade and investment. Relations have now entered a dynamic phase with both countries reaffirming their commitment to increasing bilateral trade by 60 per cent over the next five years,” said Fahad Al Gergawi, CEO of Dubai FDI.
The UAE and India saw over AED 180 billion worth of bilateral trade over the last two years and the UAE remains a leading foreign investor in Indian infrastructure development. Dubai and India, meanwhile achieved over 70 billion dirhams (US$ 19.1 billion) worth of bilateral trade during the first nine months of 2016. Currently, imports from India to Dubai account for 60 per cent of the total trade value while exports from the emirate are 12 per cent and the rest is re-exports.
‘Ports, free zones and markets across Dubai have contributed to growth of Indian enterprise and its expansion overseas. Now, as India has embarked on an ambitious plan to develop infrastructure and services, we have a strategic opportunity to expand our time-tested relations to new domains and grow sustainably,” added Al Gergawi.
Dubai FDI gave an overview of the Dubai Plan 2021 and ongoing initiatives to transform Dubai into a Smart City as well as one of the happiest in the world. Investment opportunities opened up by the knowledge economy initiative and efforts towards further economic diversification were also explained at the roundtables and a series of B2B meetings that followed.
“Dubai has implemented the region’s first public-private partnership law, opening doors wider for the global private sector to invest in building a global hub aiming to be the best place to live and do business,” stated Ibrahim Ahli, Director Investment Promotion Division, Dubai FDI.
“On another front visa norms are being relaxed and transport and logistics facilities have been significantly improved, reinforcing Dubai’s unique advantage in connecting to a consumer market of over 2.4 billion within 4-5 hours of flying,” Ahli said, mentioning that Indian citizens holding a valid US visa or green card are now eligible for a two-week, extendable visa-on-arrival in the UAE.
“An investor or businessman landing in Dubai can be assured of getting the support and services needed in the shortest possible time. As the investment development agency of Dubai Economy, Dubai FDI has a partnership network where public and private sector stakeholders guide you to establish the right connections and hit the ground running,” added Ahli.
“It was a great honour for DMCC to join Dubai FDI on this joint roadshow with Citibank to attract companies from both New Delhi and Mumbai to expand into Dubai. The roundtable meetings with investors in different sectors were productive and well received. We would like to thank our partners Dubai FDI for their invitation and continuous support,” said James Bernard, Director Business Development at DMCC.