Thursday 25, February 2016

Dubai – MENA Herald: H.E. Salem Almoosa, Chairman and General Manager of Salem Ahmed Almoosa projects and enterprises, said that the UAE’s and India’s various key sectors, including real estate, continue to offer significant investment opportunities for both Emirati and Indian businessmen. H.E. Almoosa made this statement during the CII-organized conference, the recently concluded business conference in Mumbai- India, held on the sidelines of key UAE delegates’ visit to the South Asian country’s financial capital. The UAE delegation headed by H.H. Sheikh Mohammed bin Zayed, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, came to India upon the invitation of the Confederation of Indian Industry (CII) to explore investment prospects between the two states.
H.E. Almoosa commended H.H. Sheikh Mohammed bin Zayed for paving the way for stronger UAE-India business ties, saying that H.H.’s support has opened up new join-investment opportunities across various sectors such as the real estate. H.E. also shed light on current challenges and solutions and tackled various means to build the momentum on key areas of collaboration such as trade, investment and economic development.
“Over the past years, the UAE and India have enjoyed vibrant economic ties supported and driven by a series of bilateral agreements and important conventions aimed at protecting and encouraging joint investments. In fact, many of Indian businessmen have already established their foothold in the UAE market. Therefore, we expect a sustained healthy interest in the coming years,” H.E. said.
He added: “By visiting Mumbai and attending the CII’s conference, we seek to strengthen the two countries’ relations further through the creation of a simplified and efficient process that will further boost our respective economies.”
During the conference, H.E. Almoosa emphasized the importance of both sides to closely work together to achieve their set goals. Among the fundamental aspects he focused on the need to establish strong bilateral guidelines and a roadmap to ensure a win-win situation. He also confirmed that key solid agreements made based on trust and confidence will not be affected by the recent structural changes in the Global Economic Changes.
H.E. Almoosa emphasized the importance of the new visa application process for the UAE nationals, which can be processed online with six months validity, while the investment-based visa validity reaches up to five years, but also suggested that India should start working towards a visa-free travel for UAE nationals.
H.E. also said that applicable laws and jurisdiction of dispute resolution must be decided on as well as the necessary revisions regarding the transfer of capital and investment gains to and from India. He further suggested the formation of a steering committee comprising Emirati and Indian businessmen and decision makers for smooth collaboration.
“We, in the UAE, should be focusing on exporting local products to draw in foreign currencies instead of exporting our own currency abroad, in order to ensure that the balance of trade is under our control. Establishing industries on the basis of export means taking part in the competitive productivity-market, India is a consumer country that has a large population, and this means we need to study their market and the manufacturing’s capital should be in Emirati currency, whether it takes place here in the UAE or in India. This, in return, will benefit the UAE’s investments on one hand, and the Indian raw materials on the other,” H.E. added.
The two sides agreed to further their business-to-business cooperation in the following: information technology-enabled services, electronic system design and manufacturing, space science and technology, solar power manufacturing technologies and manufacturing of yachts, submarines and ships. They will also cooperate in seeking various investment opportunities, financial, legal and administrative incentives, and joint ventures in their respective countries and other states.
Both countries further acknowledged the need to cooperate on climate change in line with the Paris Agreement, noting that the development of sustainable sources of energy is a shared strategic priority. The attendees recognized as well the long-standing and mutually beneficial bilateral relations between the UAE and India during the visit. In particular, the two parties expressed satisfaction in their current security cooperation, noting the progress achieved through regular dialogues between their respective national security councils.
With its political, economic and human clout, India is considered an influential country with an important role in security and stability issues at both regional and international levels.