The United Arab Emirates (UAE) recently hosted the first Investment in India-UAE Investment Forum (I2U2) Vice-Ministerial meeting to explore investment opportunities between the two countries. The meeting was attended by senior government officials and business leaders from both India and the UAE.
The I2U2 initiative was launched in 2020 as part of the comprehensive strategic partnership between India and the UAE. The aim of the initiative is to facilitate investments and economic cooperation between the two countries by identifying priority sectors and promoting collaboration between businesses.
During the meeting, the delegates discussed various areas of investment, including renewable energy, infrastructure, and technology. They also discussed the possibility of setting up joint ventures and partnerships between Indian and UAE companies in these sectors.
The delegates also highlighted the importance of bilateral trade between India and the UAE, which has been growing steadily in recent years. According to the UAE’s Ministry of Economy, trade between the two countries was valued at $59.7 billion in 2019, with non-oil trade accounting for more than 80% of the total.
The UAE is currently India’s third-largest trading partner, after China and the United States. The two countries have established several joint ventures in recent years, including a $44 billion refinery and petrochemical complex being built in India by a consortium of UAE-based companies.
In addition to discussing investment opportunities, the I2U2 Vice-Ministerial meeting also focused on ways to enhance the ease of doing business between India and the UAE. The delegates highlighted the need for simplifying procedures, reducing bureaucratic obstacles, and promoting transparency and efficiency in business dealings.
The UAE has been working to improve its business environment in recent years, implementing several reforms aimed at attracting foreign investment and boosting economic growth. In 2020, the country introduced a series of measures to support small and medium-sized enterprises (SMEs), including the establishment of a dedicated government fund to finance SMEs and the launch of a digital platform to facilitate business registration and licensing.
The I2U2 initiative is expected to further enhance the economic ties between India and the UAE, and promote greater collaboration between businesses in both countries. The next meeting of the initiative is scheduled to be held in India later this year.