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Jeddah - Yasmine El Tohamy - NEW DELHI: The UAE Ministry of Economy and the Confederation of Indian Industry on Wednesday held the Indian edition of Investopia Global Talks — a series of sessions in Chennai aimed at boosting cooperation in the new economy sectors.
Launched in 2021, Investopia is a global investment initiative by the UAE government to connect investors, business leaders and government officials and identify economic and investment opportunities. Its first global talks were held in India in 2022 and the latest sessions are the third to be held there.
UAE Economy Minister Abdulla bin Touq Al-Marri led a 70-member delegation to the event. He told the 300 participants that the UAE was “at the gate to collaborate with our international partners.”
“It is imperative that we leverage our strength, we capitalize on emerging trends, embrace innovation and as a catalyst for sustainable growth, it’s imperative that we remain agile, adaptive and forward thinking.”
UAE Minister of State for Entrepreneurship Alia Abdulla Al-Mazrouei, who was part of the delegation, urged both UAE and Indian stakeholders to take advantage of the opportunity to explore partnerships in both markets.
“To those Indian businesses operating in new economy sectors, I invite you to capitalize on the UAE’s highly incubating environment … to grow and scale at a global level and champion technology and knowledge transfer within the ecosystem,” she said.
India-UAE relations have grown considerably since 2022, when they signed a comprehensive economic partnership agreement to boost trade and investment.
Since then, the number of exchanges between the two countries has increased and trade has grown by more than 16 percent year on year, mostly in the energy, infrastructure and construction, technology and innovation, pharma and healthcare, tourism and cultural sectors.
India’s Ambassador to the UAE Sunjay Sudhir said relations between the two countries had seen “rapid progress” over the past decade, resulting in a “paradigm shift in bilateral ties.”
“Investopia has already become an important event in the calendar of Indian businesses,” he told Arab News.
“As we continue to work together, I am confident that our strategic partnership will enable our two nations to navigate complex global realities and will leave a lasting impact on regional and global stability, economic growth and governance frameworks.”
Chennai is located in Tamil Nadu, which is India’s second-largest exporter of software, after Karnataka, and known for its automobile and engineering industries. Manufacturing contributes 33 percent and agriculture 13 percent to the state’s economy.
Home to about 1.9 million small and medium-sized enterprises, the CII said Tamil Nadu could be the starting point for new collaborations.
“With the world acknowledging MSMEs (micro, small and medium-sized enterprises) are the backbone of the world economy and startups are the future, it is imperative we naturally collaborate on these domains,” Dr. R. Nandini, CII southern region chairperson, said.
“It is evident that the strengthening ties between India and the UAE are leading to a new era of trade and investment opportunities, innovation and sustained economic growth for both countries.”
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