DUBAI — Indian economy, which registered 8.2 percent growth in the first quarter of 2018-19 fiscal year – the highest in recent history – is expected to attract large-scale investment from the GCC to India, following the recent announcement of the development of a $44 billion oil refinery to be built by Abu Dhabi National Oil Company (ADNOC), Saudi Aramco and Indian counterparts.

The announcement comes a few months after Emirates Group announced a $4.23 billion (INR300 billion) aircraft maintenance, repair and overhaul (MRO) project in Andhra Pradesh in February this year.

Although these projects will take years to take shape, they reflect a growing investment appetite by Gulf investors in to India’s growing economy.

“We are delighted to support the 2nd IUPS being organised by BLF. Its objectives and agenda fit perfectly into our own efforts to promote the strategic partnership between India and UAE,” H.E. Navdeep Singh Suri, Ambassador of India to the UAE, said: “We are working with major UAE entities like Abu Dhabi Investment Authority (ADIA), Mubadala and Abu Dhabi National Oil Company (ADNOC), with leading companies like DP World and Emaar Properties and also with some of the top NRI-owned business groups to promote investment into India.”

“I am confident that this Summit will be an important step in encouraging investments into specific sectors and projects being promoted by the participating states.”

Foreign Direct Investment (FDI) in India increased to $61.96 billion in 2017-18, according to Indian Government’s Department of Industrial Policy and Promotion (DIPP). Total FDI reached $ 61.96 billion in the last four years, it said.

Juma Al Kait, Assistant Under-secretary of the UAE Ministry of Economy, said “the India-UAE Partnership Summit (IUPS) provides a unique platform to highlight investment potentials in India and the UAE and create awareness among investors, about these opportunities.”

“The summit also disseminates information about the policy framework of the governments of both countries and facilitates networking among High Net-Worth individuals, top business leaders, industrialists, investors, bankers, businessmen, institutions, chambers of commerce, industry professionals and high-ranking government individuals.”

“Over the years, India and the UAE have forged strong bilateral ties, with focus on key sectors like energy, construction, aviation and SMEs. IUPS will explore the possibilities of deeper cooperation in sectors of mutual interest, like hydrocarbon, civil aviation, maritime, renewable energy, space and exploration, to name a few.”

Meanwhile, two-way trade between the two countries is expected to cross $100 billion a year by 2020, according to recent reports.

Vipul, Consul General of India, said “I am happy that the second edition of India-UAE Partnership Summit (IUPS) is being organized by BLF this year in partnership with the Consulate. BLF did a good job in not treating the IUPS as a standalone meeting but following up on the discussions at the first IUPS in the past 12 months.”

“They maintained touch, for example, with the Government of Andhra Pradesh and also signed a MoU with them and also kept meeting delegations from other States and Ministries visiting UAE. This year the IUPS is focusing on the two important sectors of education and SMEs. I am happy that at least four Indian States have already confirmed their participation in the Summit.

“Our trade and investment relationship with UAE continues to prosper under the visionary leadership of both countries and the discussions at IUPS will again showcase that strong relationship. I am sure that this year’s IUPS will be a bigger success than last year and connect the government and business communities of both countries to forge new partnerships.”

Business Leaders Forum (BLF) was formally launched in March 2017 and has been set up under the direct guidance of the UAE Ministry of Economy, Embassy of India and Consulate General of India with India Trade & Exhibition Centre (ITEC) acting as the official Secretariat of BLF.

Dr Ram Buxani, President of the BLF, said “we are witnessing a new era in the economic growth of India as well as the India-UAE relationship and investment landscape marked by high-level strategic cooperation.”

In August 2018, Business Leaders Forum has signed a Memorandum of Understanding (MoU) with the Andhra Pradesh State Government to develop two islands and build a mixed-use master-planned community with an 18-hole championship golf course, a luxury resort, a villa community, residential and commercial properties where people could live, work and enjoy quality of life. The project will be spread across a landmass of 500 acres split in to two islands to be connected with a bridge on Amravati River with an investment outlay of INR100 billion ($1.41 billion). — SG