NEW DELHI, 14th March, 2023 (WAM) — Abdullah bin Touq Al Marri, Minister of Economy, participated in the CII Partnership Summit 2023, which is being held in New Delhi, India, from 13th to 15th March under the theme “Partnerships for Responsible, Accelerated, Innovative, Sustainable and Equitable Businesses”.
The Summit aims to facilitate the exchange of visions and ideas that can support sustainable development efforts and promote the use of technology in driving economic growth.
In his speech, Bin Touq said, “The historic ties between the UAE and India add a unique dimension to our economic partnership. Besides, both countries believe in the potential of fair and sustainable trade that is based on clear foundations and rules. India is one of the most vibrant economies worldwide today and has a wealth of resources, expertise and innovative ideas. Similarly, the UAE’s strengths include its global status as a leading trade, investment and business hub and a gateway to the Middle Eastern and African markets.”
The Minister of Economy added that the UAE reinforced its ability to serve as a strategic partner to India by establishing itself as a leading provider of logistics, financial services and technology. The UAE is India’s third-largest global trading partner today, while India is the second-largest.
He continued, “We are proud of the strong presence of Indian companies in the UAE, and strive to provide them with all enablers for growth and expansion in our markets. People-to-people ties add more value to our partnership, as the Indian diaspora in the UAE is the largest expatriate community in the country that continues to make great contributions to the development of our economy.
“Our meeting today is happening at a time that is critical to both our economies and the rest of the world due to the global changes that have taken place over the past few years as a result of COVID-19. Consequently, the global economy is currently facing several risks that are in turn affecting overall development prospects. These include volatile commodity prices, inflation, uncertainties with regard to monetary policies, as well as supply chain disruptions that have slowed down economic activity.”
Bin Touq added that the greatest danger of all is the geographical and economic fragmentation, which is prompting the UAE to establish effective policies for global economic integration.
“Economic fragmentation is likely to cost us dearly because the greater the fragmentation of trade, the greater the economic costs. I would also like to reiterate that the UAE, as an active member of the global financial and trading ecosystem, supports global efforts aimed at promoting economic integration. We believe that it is absolutely necessary to address the economic challenges of our times and build a more sustainable and prosperous future for all,” he noted.
The UAE government has adopted an array of measures that have enhanced the resilience of our economy in the face of these challenges. These efforts have led to the establishment of an environment that fosters business growth and attracts investments, the minister elaborated.
These include the granting of 100 percent foreign ownership; issuance of a legislation to protect intellectual property; and the launch of an ambitious strategy to attract talent and skills in all sectors to enhance the UAE’s position as a permanent hub for creativity and innovation.
In addition, the UAE has also launched a set of pioneering initiatives such as the global Investopia platform to create opportunities and enable future investments. Also, the comprehensive economic partnership agreements (CEPA) under which the UAE has signed four agreements so far – with India, Israel, Indonesia and Turkey.
“Negotiations with more strategic markets are currently progressing,” the minister added.
He pointed out that the adoption of such forward-looking policies has enabled the UAE’s real GDP to grow by 7.6 percent in 2022. Besides, FDI inflows to the country amounted to US$171.6 billion, The country’s non-oil foreign trade also witnessed unprecedented growth as it crossed the AED2 trillion and AED233 billion mark for the first time in its history with a 17 percent year-over-year growth. This confirms the efficiency of the initiatives and strategies of the UAE government.
The Minister of Economy underlined the importance of the comprehensive economic partnership between the UAE and India, and its role in boosting trade flows between the two markets. The trade deal has cancelled or reduced customs duties by 90 percent on goods and commodities traded between both countries.
He explained that they cover nearly 95 percent of the value of commodities that each country imports from the other, which will accelerate the growth of non-oil trade to amount to US$100 billion per annum over the next five years.