India And UAE Enhance Ties With Economic Collaboration And Community Engagement

India and the UAE have leveraged their complementary strengths to forge robust partnerships across various sectors, particularly in economic and people-to-people relations, according to Sunjay Sudhir, the Indian Ambassador to the UAE. Speaking to Emirates News Agency (WAM) on Indian Independence Day, he highlighted that bilateral relations between India and the UAE have seen rapid and positive changes recently, guided by the leadership of both nations.

India is celebrating its economic achievements on Independence Day, noted Sudhir. The country is currently the world's 5th largest economy and is projected to become the 4th largest by 2025. For over ten years, India has consistently been among the top three fastest-growing major economies. Additionally, India's startup ecosystem ranks third globally in unicorn count, valued at nearly US$350 billion (AED1.29 trillion).

The ambassador emphasised that India and the UAE are closer than ever before. "Our financial systems are well on their way to close integration with the launch of the United Payments Interface (UPI) in the UAE and the Rupee-Dirham Local Currency Trade Settlement Mechanism. India’s Rupay Card stack now forms the backbone of the UAE’s very own domestic card scheme called ‘Jaywan’," he said.

Sudhir referred to bilateral agreements linking India's UPI with the UAE's AANI instant payment platforms and interlinking RuPay with Jaywan card networks. These initiatives signify deeper financial integration between both countries.

The ambassador also mentioned that the benefits of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) are already evident through increasing bilateral trade. He pointed out that "UAE is the only country with which India has an active CEPA and a Bilateral Investment Treaty (BIT) – a special relationship indeed!"

The upcoming "Bharat Mart" in Dubai aims to enhance global logistics and supply chains further by serving as a hub for Indian exports worldwide. This initiative underscores the UAE's unmatched capabilities in global logistics.

Indian Community's Role

The vibrant Indian community in the UAE plays a crucial role in strengthening socio-economic ties between both nations. "There is clearly a reason globally the largest number of Indian nationals, over 3.5 million, have made the UAE their home," Sudhir stated. This community represents about 45 percent of all Indian nationals in GCC countries.

"Their contribution to the economy and development of the UAE is widely recognised, not only by leaders and government but also by Emiratis in general," he added. The ambassador expressed confidence that this community will continue fostering understanding and contributing to growth in both countries.

Sudhir concluded by acknowledging that Indian nationals in the UAE have embraced local values while acting as goodwill ambassadors, thereby strengthening ties between India and the UAE.

With inputs from WAM