The Gulf region has had ancient trading ties with the Indian subcontinent. With the number of Indians who now live, work and set up businesses in the UAE, those ties have strengthened and deepened in the past decades. The announcement of the India-UAE Bridge Initiative will help these ties become stronger than ever.
India is one of the most valuable of UAE's trade partners in terms of numbers as well as relationships. The two countries share trade of about USD 60 billion. This relationship has enjoyed high year on year growth; some years that annual growth rate has been as high as 11%.
This is an India-UAE collaboration that is meant to improve and increase business and commercial dealings between the two nations. The UAE port operator DP World along with the Jebel Ali Port and Jafza Zone in collaboration with the Indian Business and Professional Council (IBPC) has made an announcement about the India-UAE Bridge Initiative.
The venture is meant to attract investment to the Jebel Ali Port and Jafza Zone. The port operator DP World will be offering end to end business solutions for those entrepreneurs and companies who want to set up shop or expand business in the area.
The initiative by DP World and others, seeks to attract talented Indians along with their businesses and ideas. Increasing network connectivity and global portfolios will be some of the ways in which investors will receive support for their businesses.
The bilateral trade between the UAE and India is expected to touch USD 100 billion within the next couple of years. As one of the largest and fastest growing economies of the world, India and Indian businesses have a lot to offer. According to Navdeep Singh Suri, Indian ambassador to the UAE, India is likely to add USD 200 billion to its global economic growth. As such Indian entrepreneurs are looking to expand operations to more regions.
Since DP World has substantial holdings in India and Indian companies, it will be able to facilitate the development of Indian enterprises in the area. As such the company and Jafza will be able to enhance the India-UAE Comprehensive Strategic Partnership, and take Indian and the UAE, natural commercial allies further along the road of cooperation.
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