India needs to be flexible and open more sectors to FDI
DUBAI 2 November 2017: Some challenges in the face of further growth of economic relations – especially investments – with the UAE have been addressed by India, according to the UAE Minister of Economy, Sultan bin Saeed Al Mansoori.
“But, some challenges remain. India needs to ensure transparency,” Al Mansoori told the India-UAE Partnership Summit, that concluded in Dubai on Tuesday.
He said UAE conglomerates like DP World, Emaar and Etisalat have established a foothold in India. “There is need for transparency for them to go to the next level.”
“Systems in India are sometimes not clearly understood by foreign direct investors, India needs to clarify its systems and make it easy.”
He said India will need to have partners in fields such as logistics and sectors such as aviation – both international, but especially domestic.
“India has to start opening up and UAE is its best partner. Dnata is already involved in airports, ground handling – we need to see each other as complementary not competitors,
“India needs to be more flexible in opening up these areas to FDI (Foreign Direct Investment),” the minister said.
He listed areas in which prospective partnerships can be established.
UAE has been very successful in renewable energy. The minister suggested a joint panel to study areas of cooperation.
Other promising sectors are education, health, technology, water etc.
“The UAE has a large number of initiatives where Indian scientists and research institutions can partner. Innovation itself is a partnership,” Al Mansoori added.
Meanwhile, UAE Minister for Infrastructure Development, Abdullah Al Nuaimi, urged cooperation in the rail sector.
He said India should note that the UAE for the second year has been named 4th in infrastructure worldwide – ans for the 4th year No. 1 in terms of roads.
India has serious infrastructure bottlenecks.
Earlier, the summit opened with a welcome address by Ram Buxani, Chairman of ITL-Cosmos and Senior Vice-President of Business Leaders Forum (BLF), organisers of the summit. It was also addressed by BLF Chairman Dr Azad Moopen, founder of Aster DM Healthcare Group, which has one of the largest healthcare networks in UAE and India.