Investopia Global Talks Enhance UAE-India Economic Partnership In Chennai

A new version of ‘Investopia Global Talks’ was launched in Chennai, Tamil Nadu, India. The event aims to enhance the economic partnership between the UAE and India in sectors like logistics, advanced industries, entrepreneurship, SMEs, environment, and investment. It was organised by Investopia in collaboration with the Government of Tamil Nadu and the Confederation of Indian Industry (CII).

The event saw participation from over 300 attendees, including investors, entrepreneurs, economists, and representatives from leading UAE and Indian private sector companies. Key figures present included Abdullah bin Touq Al Marri, Minister of Economy and Chairman of Investopia; Alia bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship; Dr. T.R.B. Rajaa, Minister of Industry, Investment Promotion and Commerce in Tamil Nadu; Sunjay Sudhir, Ambassador of India to the UAE; and R Dinesh, President of CII.

Bin Touq highlighted Investopia’s role in promoting investment in new and sustainable economic sectors. He noted that it facilitates productive partnerships with governments and the private sector. Over the past three years, Investopia Global Talks has travelled to more than 11 global strategic markets. These events have presented effective debates on economic opportunities in emerging markets.

He added that both the UAE and India share a vision for a sustainable economic model. This vision underscores Investopia’s role in supporting this goal within both government and private sectors. The UAE’s non-oil GDP grew by 6.2 percent in 2023 compared to 2022. Meanwhile, India's GDP grew by 8.4 percent in the last three months of 2023.

Bin Touq said that Chennai was chosen for its strong foundation in innovative sectors like electric vehicles, programming, medical tourism, sustainable manufacturing, data centres, and fintech development. He mentioned that Chennai is poised to become a key hub for investment prospects crucial to the UAE private sector.

The Indian government aims for Chennai to achieve a trillion-dollar economy by 2030 through sustainable initiatives and innovations. This includes e-commerce and upskilling talent. Bin Touq also noted that there were over 232,000 Indian commercial licences operating in various sectors within the UAE as of mid-2024.

SMEs: A Key Focus

Alia Abdullah Al Mazrouei emphasised the importance of developing the SMEs sector under UAE's leadership directives. She stated that SMEs make up 94 percent of all private sector companies in the UAE and contribute 40 percent to its GDP.

The Ministry of Economy aims to increase the number of SMEs operating in the UAE to one million by 2030. This goal aligns with the 'We the UAE 2031' vision to boost GDP to AED3 trillion within a decade.

Panel Discussions Highlight Key Issues

The latest edition hosted three-panel discussions featuring government officials, businessmen, and investors from both countries. The first session focused on India's global economic role amid geopolitical shifts and highlighted opportunities offered by both countries.

The second session discussed strategies for decarbonising heavy industries to achieve climate neutrality. It also emphasised green partnerships between the two nations through advanced technologies.

The third session reviewed how the UAE's industrial sector bolsters its reputation as a global destination for investors. It highlighted policies and incentives promoting this sector over time.

Roundtable Discussion

A roundtable discussion was also held featuring officials from both countries aimed at exploring potential economic prospects within the private sector. The objective was to enable maximising benefits from these opportunities.

Investopia Global Talks has conducted over 11 rounds covering prominent markets including New Delhi, Mumbai, New York, Geneva, Milan, London, Cairo, Rabat, Havana, and Dubai.

With inputs from WAM