H.E. Bin Touq discusses ways to enhance cooperation in new economy, tourism, entrepreneurship and transport sectors during meetings with Tamil Nadu CM & Minister for Industry and Investment Promotion

H.E. Abdulla bin Touq Al Marri, Minister of Economy, held bilateral meetings with Shri M.K. Stalin, Chief Minister of the Indian State of Tamil Nadu; and Dr. T.R.B. Rajaa, Minister for Industry, Investment Promotion and Commerce in the Government of Tamil Nadu, in the presence of H.E. Alia Bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship, to explore the strengthening of cooperation in the sectors of the new economy, tourism, entrepreneurship, SMEs, transport and fintech. The meetings took place during a UAE delegation’s visit led by H.E. Bin Touq to India recently.

H.E. Bin Touq conveyed regards of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, to Shri M.K. Stalin, emphasizing that the UAE and India share strategic economic, political and cultural relations, which continue to grow and scale new heights.

The Minister of Economy said: “India is a strategic economic partner to the UAE and we look forward to continuing to work with our partners in the Indian government in sectors and areas of mutual interest. Our joint efforts will contribute to enhancing the distinct economic partnership between the two countries, thus supporting the growth and sustainability of both economies.”

Furthermore, H.E. Bin Touq reviewed the UAE’s efforts in developing the tourism sector, especially in light of the objectives of the National Tourism Strategy 2031. The strategy aims to raise the country’s status as the best tourism identity in the world, consolidating its position as a leading tourism destination; increase the sector’s contribution to the national GDP to AED 450 billion; and attract new investments of AED100 billion to the national tourism sector by the next decade.

 Indian private sector invited to benefit from the potentials of UAE’s business environment

During his meeting with Dr. T.R.B. Rajaa, Minister for Industry, Investment Promotion, and Commerce in the Government of Tamil Nadu, H.E. Bin Touq discussed a range of flexible economic policies and legislations in both countries aimed at enhancing dialogue between the UAE and Indian business communities and encouraging the establishment of new projects in various economic fields. In addition, H.E. invited Indian investors and businessmen to take advantage of the opportunities provided by the UAE, especially its logistics capabilities and economic facilities for establishing diverse business activities. The two countries enjoy strong relations in the civil aviation sector with continued growth in air traffic between UAE and Indias cities. Currently, there are 555 weekly flights connecting various cities of the two destinations, operated by the UAE’s national carriers.

H.E. also invited the two Tamil Nadu ministers to participate in the 4^th edition of Investopia, scheduled to be held in February 2025, as it will be a significant opportunity to discuss ways to benefit from the promising opportunities that the UAE offers to investors from around the world, and to develop cooperation in various economic sectors.

In yet another meeting, with Dr. A. Sakthivel, President of the Federation of Indian Export Organizations (FIEO), H.E. Bin Touq highlighted the increasing opportunities for cooperation between the two countries in export and re-export and supporting the growth of exporting companies operating in the UAE and Indian markets.

H.E. Bin Touq also met with Mr. Sanjay Jayavarthanavelu, Chairman and Managing Director of LMW, one of India’s leading companies specializing in textile machinery manufacturing. In addition to the latest advanced technologies and innovative solutions used by the company in the textile machinery industry, the meeting discussed the unique economic enablers and support that the UAE’s business environment provides to companies looking to establish their operations in the country.

During another meeting with Mr. Dheeraj Hinduja, Chairman of Ashok Leyland, a leading Indian company in vehicle manufacturing and assembly, and the fourth-largest bus manufacturer in the world, the company presented its expansion plans in the UAE market before H.E. the Minister of Economy.

Trade and Investment Cooperation between UAE and India

The UAE’s FDI in the Indian markets cover several vital economic sectors, most notably renewable energy, software, IT services, and automotive manufacturing. The non-oil trade exchange between the two countries is also witnessing continuous growth, with the total value of non-oil trade between the two sides exceeding USD 53.5 billion in 2023, a growth rate of 3.9 per cent compared to 2022.