The UAE and India are among the fastest growing economies, with the UAE’s non-oil GDP growing by 6.2 percent in 2023
The Investopia Global Talks recently launched in Chennai, Tamil Nadu, India, with an aim to strengthen the economic partnership between the UAE and India in new and sustainable economic sectors, especially in logistics, advanced industries, entrepreneurship, SMEs, environment and investment.
The event drew the participation of over 300 attendees, including investors, entrepreneurs, economists and representatives of leading UAE and Indian private sector companies.
During his participation, Abdulla bin Touq Al Marri, Minister of Economy and Chairman of Investopia, emphasized the event’s key role in strengthening the UAE’s efforts to transition to a new economic model based on knowledge and innovation, given its focus on promoting investment and expansion in new and sustainable economic sectors. In addition, it facilitates productive economic partnerships with governments and the private sector in these critical areas. Over the past three years, Investopia Global Talks traveled to more than 11 global strategic markets, highlighting economic and investment opportunities in emerging markets.
UAE-India ties
Bin Touq noted during the Investopia Global Talks the UAE and India’s common vision of embracing a new and sustainable economic model. This highlights Investopia’s key role in promoting and supporting the achievement of this vision in the government and private sectors of the two countries.
Notably, the UAE and India are among the fastest growing economies, with the UAE’s non-oil GDP growing by 6.2 percent in 2023, ranking 5th globally in the real GDP growth index. Meanwhile, India’s GDP grew by 8.4 percent in the last three months of 2023.
The remarkable growth the two countries have witnessed lately reflects the momentum of growing economic opportunities in the two countries’ markets.
“Today, we are launching a new milestone in the south Indian city of Chennai, highlighting the significance we attach to the Indian private sector as a key economic and investment partner to the UAE’s business sector,” added Bin Touq.
During the first half of 2024, there were over 232,000 Indian commercial licenses operating in various economic sectors and activities within the UAE’s markets. In addition, 20,000 Indian commercial licenses were registered during the first six months of this year alone.
Chennai’s significance
The choice of Chennai for the Investopia Global Talks was due to the city’s strong economic foundation in new and innovative sectors like electric vehicles, programming, medical tourism, sustainable manufacturing, data centers and fintech. “This establishes Chennai as a key hub for fostering attractive investment prospects in these sectors, which are crucial to the UAE private sector to explore and capitalize on,” added Bin Touq.
India’s government has set an ambitious target for Chennai to achieve a $1 trillion economy by 2030 through sustainable sectors and initiatives, cutting-edge innovations, e-commerce, and the upskilling of talent.
SME sector key for growth
The UAE attaches significant importance to developing the SME sector, which is a key player in fostering growth and sustainability across the country’s economy.
During her participation at the India Investopia Global Talks, Alia Al Mazrouei, Minister of State for Entrepreneurship, noted that SMEs today make up 94 percent of all private sector companies in the UAE and contribute 40 percent to the UAE’s GDP. Al Mazrouei added that the Ministry of Economy aims to raise the number of SMEs to 1 million by 2030. This goal aims to support the increase of the UAE’s GDP to AED3 trillion within the next decade, aligning with the goals of the ‘We the UAE 2031’ vision.
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