Dubai FDI invites Indian investors and businessmen to build on growing bilateral ties

DUBAI, 6th June, 2017 (WAM) – The Dubai Investment Development Agency, Dubai FDI, an agency of Dubai Economy, recently addressed investors and industry leaders in New Delhi and Mumbai to attract investments from India to the emirate and promote joint initiatives in vital sectors. The Dubai Multi Commodities Centre, DMCC, and Dubai Tourism and Commerce Marketing, DTCM, joined Dubai FDI in the two roundtable sessions, hosted by Citibank to introduce the emirate’s advantages as an investment destination to its clients. "India has always been a leading partner for the UAE and Dubai in trade and investment. Relations have now entered a dynamic phase with both countries reaffirming their commitment to increasing bilateral trade by 60 percent over the next five years," said Fahad Al Gergawi, CEO of Dubai FDI. The UAE and India witnessed bilateral trade worth over AED180 billion over the last two years. The country remains a leading foreign investor in Indian infrastructure development. Dubai and India, meanwhile, achieved bilateral trade worth over AED70 billion (US$19.1 billion) during the first nine months of 2016. Currently, imports from India to Dubai account for 60 percent of the total trade value while exports from the emirate are 12 percent and the rest are re-exports. "Ports, free zones and markets across Dubai have contributed to the growth of Indian enterprise and its expansion overseas. Now, as India has embarked on an ambitious plan to develop infrastructure and services, we have a strategic opportunity to expand our time-tested relations to new domains and grow sustainably," Al Gergawi added. Dubai FDI gave an overview of the Dubai Plan 2021 and the ongoing initiatives to transform Dubai into a Smart City as well as one of the happiest in the world. Investment opportunities opened up by the knowledge economy initiative and efforts towards further economic diversification were also explained at the roundtables and a series of B2B meetings that followed. "Dubai has implemented the region’s first public-private partnership law, opening doors wider for the global private sector to invest in building a global hub aiming to be the best place to live and do business," Ibrahim Ahli, Director of the Investment Promotion Division, Dubai FDI, explained. "On another front, visa norms are being relaxed and transport and logistics facilities have been significantly improved, reinforcing Dubai’s unique advantage in connecting with a consumer market of over 2.4 billion within 4-5 hours of flying," Ahli said, mentioning that Indian citizens with a valid US visa or green card are now eligible for a two-week, extendable visa-on-arrival in the UAE. "An investor or businessman landing in Dubai can be assured of getting the support and services needed in the shortest possible time. As the investment development agency of Dubai Economy, Dubai FDI has a partnership network where public and private sector stakeholders guide you to establish the right connections and hit the ground running," Ahli added. http://wam.ae/en/details/1395302617831