Dubai conclave to explore potential of India-UAE business ties

In FY16, India exported goods worth $30 bn to the UAE with heavy machinery, petroleum products and food & dairy products

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A two-day conclave, aimed at identifying potential areas of investment and collaborations between India and the UAE, is being held here.

The conclave, which begins today, will focus on areas that should be tapped for growth such as defence, energy, security and maritime trade, its organisers said.

Another significant pillar of the India-UAE ties that will be discussed is the geopolitical and economic impact of strong relations between the two countries on the Asian region, said the organisers of the 'The Economic Times India UAE Strategic Conclave'.

Trade and commerce forms the backbone of historically strong bilateral relations, with India being UAE's top foreign trade partner, the organisers said.

In 2015-16, India exported goods worth $30 billion to the UAE with heavy machinery, petroleum products, and food and dairy products being the main export commodities.

Indian businesses have equally established a strong footprint in the UAE. As many as 4,365 Indian commercial companies are registered with the UAE Ministry of Economy, as of end-2016 and over 2.8 million Indians reside in the UAE.

"At The Economic Times, we have closely evaluated the full spectrum of relationships between India and UAE and we strongly feel that this association will act as a significant contributor to the economic progress of the region. Hence, we have designed this conclave to discuss the potential areas of investment, collaborations and ways to further improve the business environment," said Deepak Lamba, president of Times Strategic Solutions.

The conclave will aim to identify potential areas of investment and collaborations between India-UAE, thus helping to drive landmark projects in the region, among others, he said.

Harsh Mariwala, Chairman, Marico, Gautam Singhania, MD, Raymond, Ravi Khanna, CEO, Aditya Birla Solar and Rana Kapoor, Founder and CEO, YES Bank and Chairman, YES Global Institute are among those scheduled to attend.