Sultan bin Saeed Al Mansouri, Minister of Economy, and Dr. Abdullah bin Mohammed Belhaif Al Nuaimi, Minister of Infrastructure Development, will lead a line-up of federal and state ministers from India and UAE at the inaugural two-day India-UAE Partnership Summit, IUPS, on 30th and 31st October, at the Armani Hotel, Burj Khalifa, Dubai.
Mohammed Sharaf Al Hashemi, Assistant Minister of Foreign Affairs and International Cooperation for Economic and Commercial Affairs, will attend the summit.
The summit, being held under the theme, ‘Investment Implementation’, will deliberate about how important projects in India could be financed and executed with the participation of local businesses in the UAE. It will also review trade and investment relations between the two countries in light of the joint statement adopted by the two sides during the visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to India in January 2017.
The summit will welcome the participation of more than 800 delegates from the UAE and India, including government ministers, officials, business leaders, and private entrepreneurs, organised by the Business Leaders Forum, BLF, representing the UAE’s private sector.
The high-level IUPS will be split into a number of brainstorming business sessions and panel discussions on a variety of topics, including investment implementation, infrastructure and tourism, while ministers from Telengana, Uttar Pradesh, Manipur, Karnataka, Jammu and Kashmir in India, will present investment opportunities in key projects within the states and seek investment from potential partners in the UAE.
IUPS is organised by the newly formed BLF and supported by UAE Ministry of Economy and the government of India, represented by the Embassy of India in Abu Dhabi and the Consulate-General in Dubai.
“I am pleased to announce such a high-level and prestigious line-up of speakers and delegates joining us at the inaugural IUPS, something that is unprecedented and reflects the willingness of the public and private sector officials to forge a stronger partnership to support the economies of India and the UAE,” Dr. Azad Moopen, BLF President and founder Chairman of Aster DM Healthcare Group, said. “We, the members of the UAE’s private sector are proud to create such a high profile business conference that is going to tackle the issues of investment implementation and how to fast-track project financing and project implementation process.
“The overwhelming support by the government and the private sector reflects a major shift in our overall thinking to support the vision of our respective governments and realign our efforts to make them a success,” he added.
The event takes place as a backdrop to a recent announcement of US$1 billion investment by Abu Dhabi Investment Authority, one of the largest sovereign wealth funds in the world, into India, and just a few days after Lulu Group announced a AED1.7 billion project in India.
The UAE is the 10th largest Foreign Direct Investment, FDI, source market for India with cumulative FDI reaching US$4.76 billion in the last 17 years.
Invest India, the foreign investment promotion body of India, said that it will attract $100 billion foreign investment in the country, of which $85 billion has already been committed by 600 large businesses that will create 700,000 jobs, according to recent reports.
FDI inflows into the country grew 8 percent and touched a new high of $60.08 billion in 2016-17, according to Department of Industrial Policy and Promotion. Cumulative FDI inflow from April 2000 to March 2017 reached $484.35 billion.
Sudesh Aggarwal, Board Member of the BLF and Chairman of IUPS Organising Committee and Chairman of India Trade and Exhibition Centre, said, “The prestigious line-up of the high-level dignitaries reflects the significance of the issues that we are putting on the table for discussion which is so close to our hearts. I am also particularly happy to see the overwhelming response from the delegates for registration which makes sending the invitations to potential participants a very difficult task. Registration and participation at the event is free. However participation is by invitation only.”
“IUPS delegates and BLF members will have the opportunity to choose from the states in which they wish to invest and engage, and the BLF Secretariat will facilitate this relationship between the investors and states in the UAE,” said Sripriyaa Kumaria, Director-General of ITEC and Secretary-General of BLF.
She also mentioned that this is the only business conference of its kind to be pro-actively supported by the government of India through the Embassy of India and the Consulate-General, as well as the UAE Ministry of Economy.
IUPS is sponsored by NRI-Emirati Investors Group, NMC, Mulk Holdings, Nikai Group, UAE Exchange, GRP Industries, Sharjah Investment and Development Authority, Shurooq, Zulekha Hospital, and supported by UAE-India Business Council, UAE International Investors’ Council, Association of Indian Chambers, Assocham, Invest India, as well as other stakeholders.