UAE Minister of Economy and Tourism Abdulla Bin Touq Al Marri noted the growing strategic partnership between India and his country has created opportunities for greater business-to-business collaboration across key sectors.
Al Marri, who was in Ahmedabad to participate in the India edition of ‘Investopia Global‘, identified energy as another major area of cooperation between the two sides as countries worldwide transition towards cleaner sources of power.
Read more: UAE eyes deeper technology, connectivity partnership with Andhra Pradesh to boost investment
Speaking to PTI after the inaugural event, the visiting minister said food security remains a priority area as the UAE imports more than 90 per cent of its edible requirements, with a significant share of processed food, fruits and vegetables coming from India.
Asked which sectors hold the greatest potential for increased UAE investments in Gujarat, Al Marri identified food security, energy, logistics and semiconductors as key focus areas.
“A large portion of our processed food, vegetables and fruits comes from India. That itself shows the huge growth potential between both countries,” he maintained.Al Marri said energy would remain another major area of cooperation as countries move towards cleaner sources of power.
“Energy is the next fuel for the world. We are moving from hydrogen to renewables, especially to support data centres, which require massive amounts of energy,” he emphasised.
Read more: UAE to invest $6.2 billion in Abu Dhabi gas project
Referring to logistics and supply chains, he said the UAE has maintained a long-term presence in India’s port infrastructure.
“DP World (a multinational logistics firm based in Dubai) has invested in Mundra Port (in Gujarat) and we continue to see logistics and connectivity as an important area of cooperation,” he said.
On whether new investment avenues could emerge from his Gujarat visit, Al Marri insisted the objective of Investopia was to facilitate business-to-business engagement rather than announce projects immediately.
At the inaugural event, Gujarat Chief Minister Bhupendra Patel invited UAE businesses to invest in the state, saying the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE has strengthened bilateral economic ties and opened new opportunities for trade and investment.
Addressing the summit, Patel said the relationship between the two countries had reached “new heights” under the leadership of Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan.
The chief minister said Gujarat and the UAE have shared centuries-old maritime trade links and that the 2022 CEPA has brought “historic transformation” in economic relations, making the key Gulf country India’s third-largest trading partner.
He said Gujarat exports chemicals, pharmaceuticals, gems and jewellery, engineering products, ceramics, textiles and processed food to the UAE, adding the trade pact provides the state an opportunity to strengthen its position in the global supply chain.