In cooperation with the Confederation of Indian Industry, the Department of Economic Development in Abu Dhabi (DED) organizes “Abu Dhabi- Mumbai Investment Forum 2011” in the Indian city of Mumbai on Thursday 20 October, 2011. The forum focuses on the economic, business and investment opportunities enjoyed by the Emirate of Abu Dhabi and India with the participation of many senior officials from both countries as well as Indian industrial and commercial companies.
The Abu Dhabi delegation to the forum is headed by HE Muhammad Thani Al Rumaithi, Chairman of Abu Dhabi Chamber, together with HE Muhammad Omar Abdullah, Undersecretary of DED, HE Muhammad Hasan Al Qamzi, CEO of ZonesCorp., HE Rashid Abdul Karim Al Baloshi, Executive Vice President of Industrial Zones at ADPC, HE Saeed Fadhel Al Mazroui, CEO of Emirates Aluminium and Mr. Shadi Malak, Executive Director-Commercial of Etihad Rail.
HE Muhammad Al Rumaithi, Chairman of Abu Dhabi Chamber , said on this occasion that Abu Dhabi-Mumbai Investment Forum comes at a time where investment relations between the Emirate of Abu Dhabi and India are witnessing tangible developments, as the investment opportunities are increasing between them with a steady growth in trade relations.
“The value of Indian investments in the Emirate of Abu Dhabi is estimated at AED 123 million, i.e. 0.24% of the total foreign investments in Abu Dhabi as per country of origin.”
“This forum aims to review the available opportunities and potentials between Abu Dhabi and India to increase the proportion of such investments and to create strategic partnerships at both the economic and trade levels in light of the opportunities and potentials enjoyed by Abu Dhabi which make it an ideal investment destination in the region.” he added.
HE Al Rumaithi further explained that in 2011, the imports of Abu Dhabi from India increased by AED 1.7 million, i.e. around 2% of Abu Dhabi’s total imports, pointing out that India is ranked 13th among the countries that Abu Dhabi imports from.
“India is considered as one of the major trading partners of the Emirate of Abu Dhabi in the area of non-oil exports, with an increase in total exports in 2010 up to AED 434 million, accounting for 3.74% of total exports.”
He concluded “The UAE is the fourth key trading partner of India after the U.S., Japan and China, where the main exports from India are agricultural products, textiles, precious stones and jewellery, IT technology and services and chemical and leather products. While its main imports are petroleum and its products, inorganic chemicals, iron and steel, fertilizers and plastics.”
In turn, HE Muhammad Omar Abdullah, DED Undersecretary expressed hope that this forum will serve as an important step towards building a long-term investment partnership between the Emirate of Abu Dhabi and India, noting that DED works as per the directives of the Government of the Emirate of Abu Dhabi aiming to create strategic partnerships with key international partners to achieve the economic vision 2030.
The forum activities will be launched by opening speeches of senior officials from both sides, followed by the first panel discussion entitled Abu Dhabi and India: the establishment of long-term partnership where Abu Dhabi and India’s potentials and opportunities to create business and economic partnerships that will benefit both sides will be reviewed, while focusing on the government of Abu Dhabi's future trends in line with its economic plan 2030 and what could be of main interest to major Indian companies to enable cross-border trading.
The second panel discussion will be dedicated to discussing finance and banking issues in light of the UAE monetary policy which forms an ideal platform for foreign investors making it easier for Indian companies to play a key role in financing projects in the Emirate of Abu Dhabi.
As for the third panel discussion of the forum, issues related to the industrial sector in the two countries will be discussed along with other issues, such as Abu Dhabi investment in infrastructure and energy resources and why this sector is targeted to be the economic diversification driver according to the determinants of Abu Dhabi economic vision 2030, making the emirate more attractive for industrial investments from all over the world.
Whereas the fourth panel discussion will be dedicated to review infrastructure and development projects for the transportation sector in Abu Dhabi, where Indian companies can make successful investments which benefit from the opportunities and incentives offered by the government of Abu Dhabi.
The fifth and final panel discussion of the Forum will deal with the energy sector and the requirements of both Abu Dhabi and India to take advantage of the expertise and partnerships related to this vital sector in light of Abu Dhabi's natural energy resources of oil and how to meet India’s needs of energy, which will present a pivotal question during the session about the role that the private sector can play in such partnerships.