Spicy Law Firm is honored and proud to be a part of the Indian delegation to UAE. AACC is a supporting organization of the event for the past three editions and Advocate Abul Kalam Azad Sulthan, Partner, Spicy Law Firm is leading the legal team on behalf of the Legal Services Committee, Asian Arab Chamber of Commerce. The 3rd Edition of the India UAE Strategic Conclave is scheduled on October 15, 2019 in Dubai UAE. H.E. Sheikh Nahyan Bin Mubarak Al Nahyan, Cabinet Member and Minister of Tolerance, UAE has consented to be the Chief Guest to the Conclave.
The UAE-India relationship has entered a vibrant growth phase as bilateral trade between the two countries reached the $60 billion mark during the financial year 2018-19, exports from India to UAE totalled $30.2 billion while exports from UAE to India reached $29.8 billion. Thus making UAE, India’s third largest trading partner after the US and China.
Whilst trade between the two countries has been on a steady rise and keeping in sync with predictions that the numbers are poised to grow significantly in coming years, the two nations have set a $100 billion trade target by 2020. Although 2018 saw a flurry of investments by UAE companies in India, investments between the two countries needs to be boosted further.
We launched the India-UAE Strategic Conclave in 2017 when a new life had been infused in the age-old ties between the two nations by the signing of the comprehensive strategic partnership agreement. Much has been achieved since then and there has been sustained efforts by both sides to elevate this relationship further by involving stakeholders from political, diplomatic, business, trade and cultural circles.
The India-UAE Strategic conclave too has moved beyond the coming together phase, into a working together phase. With growing protectionism and realignment of trade equations across the globe, the two natural leaders in the region need to work together more than ever before and set and achieve sustainable and inclusive development goals soon.
UAE hosts one of the largest Indian expatriate community in the world, comprising more than 3.3 million people. The UAE is currently the largest source of remittances to India that amounted to $13.82 billion in 2017.
Key Topics of Discussion
· Through the currency swap agreement, both India and the UAE can make payments in their respective currency to boost and trade investment without the involvement of a third currency like dollar
· UAE assures India to cover shortfall in oil supplies after US sanctions on Iran
· Indian start-up companies can leverage the UAE’s position as a strategic trade hub to expand their reach in new markets, especially in the Middle East and Sub-Saharan Africa
· Healthcare has emerged as one of the growth sectors in India and a key index to define the progress of the country. The healthcare market is expected to reach $372 billion by 2022
· India continues to be the world’s top recipient of inward remittances, with nearly $80 billion coming into the country in 2018 – an increase of more than 15% from the previous year, according to the latest World Bank report
· The UAE (United Arab Emirates) is looking for investment in food processing, logistics and infrastructure
· A stable government at the centre is expected to encourage inflows from foreign portfolio investors into Indian markets
· Dubai’s buoyant hospitality sector, which is gearing up to host more than 20 million visitors at World Expo 2020, is way ahead of seven other key global cities in average spend per overnight visitor as well as in the number of hotel keys per resident
· Dubai is “the largest open-air stage for Indian Arts, Culinary Experiences & Bollywood Filmmakers” because of its assortment of locations and the proximity to India