DUBAI – October 24, 2018: Two million Indian farmers will benefit from the India-UAE food corridor project, which will also create an additional 200,000 jobs across India due to cumulative investments of more than USD 5 billion (AED 18.35 billion) by the UAE in the next three years, said His Excellency Abdulla Ahmed Al Saleh, Undersecretary for Foreign Trade and Industry at the UAE Ministry of Economy (MoE).
He was speaking at the fourth edition of the annual UAE-India Economic Forum (UIEF), held in Dubai on Wednesday.
“India’s fertile land grows enough food to feed 1.2 billion people. However, 30 per cent of the food is wasted. The UAE could bring in the required investments for mega food processing parks, huge cold storage facilities, warehousing, logistics, transport facilities, so that the UAE entities can buy food when the crop comes into the market benefitting both the UAE market and the Indian farmers,” the HE said, adding “The UAE benefits from it and farmers also get a better price. It’s a win-win situation.”
The UIEF 2018, organized by UMS Conferences, is poised to explore the strengthening ties and bilateral trade relations between the two countries. His Highness Shaikh Saeed Bin Hasher al Maktoum, Deputy Chairman of Al Fajer Group, was the chief Guest at the UIEF 2018.
The UAE is the largest Arab investor country in India, accounting for 81.2 per cent of the total Arab investments. The UAE investments into India are estimated to be around USD 10 billion including FDI of almost USD 5 billion.
“India is the second largest trading partner of the UAE. In 2017, trade relations between the UAE and India reached USD 53 billion, of which USD 35 billion was non-oil trade. The UAE is the third largest foreign trade partner of India after China and USA,” the Undersecretary said in his keynote address.
UAE investments in India are mostly concentrated in five sectors: construction 16 per cent, energy 14 per cent, mining 10 per cent, services sector 10 per cent, computer software and hardware 5 per cent, he noted.
“We are aware that, with India aggressively trying to attract foreign investments, the share of GCC countries remains miniscule, with the UAE accounting for more than 85 per cent of that share. But we see this as an opportunity to offer immense potential for cross borders investment,” he said, adding “We must also acknowledge that relations have developed significantly, especially in recent years, after the signing of agreements, partnerships and strategic dialogue between the two countries.”
The prestigious Qadat Al Tagheer awards were presented at the event. The award that recognizes the best in the industry. This year’s silver winners included Nokia for Excellence in Smart City Solutions, NMC for Excellence in Healthcare, Nakheel for Excellence in Hospitality Development, Urbanclap for Excellence in On-demand services, Right Health for Emerging Healthcare Brand, CRIF Gulf Dun & Bradstreet for Excellence in Business Information and Services, HSBC for Best Trade Bank, IIFL for Best Financial Advisory Services for NRIs and Abhishek Sharma for being the Emerging Indian CEO for Private Equity and Investments.
Gold awards were received by Dr Jaimin Vasa as MSME Doyen of the Year, Dr Mustafa Saasa as Entrepreneur of the Year, Ali Asgar Mir as Media Personality of the Year, Aftab Hasan as Insurance Personality of the Year, Harmeek Singh as Businessman of the year and Dr B R Shetty as CEO of the Year.
The day-long event witnessed insightful sessions that focused on various aspects of trade relations between the UAE and India.
The UIEF is supported by the Telangana Chamber of Commerce and Industry and Gujarat Chamber of Commerce and Industry. The Forum brought together over 200 delegates from the UAE and India.