This is the golden era of UAE-India relations. The profound changes that are happening owe much to the visionary leadership of President Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister Narendra Modi.
At the heart of this transformation is the Comprehensive Economic Partnership Agreement (CEPA), which is expected to propel bilateral trade to more than $85 billion in 2022-23—a 16 per cent increase from the previous year. The partnership is boosting investments, particularly in infrastructure, energy, food processing, financial services and technology.
Also Read
- Karyakar Suvarna Mahotsav: PM Modi says institutional service can solve big problems of society
- No T-shirts or tight-fitting clothes: Check dress code for UAE’s first Hindu stone temple
- THE WEEK's ground report from BAPS Hindu Mandir, Abu Dhabi
- Get immense support from UAE government, says Lulu Group CEO
- Indians open up to THE WEEK on their connect with UAE
- 'BAPS Hindu Mandir is a story of hearts and minds': Mahant Swami Maharaj
India has attracted more than $12 billion in investments from the UAE over the past decade, and the UAE is welcoming a growing number of Indian investors. With more than a million Indians visiting the UAE annually, Indian tourists constitute the largest share of international arrivals. UAE citizens are increasingly viewing India as a favourable destination for leisure and health tourism, and are investing in various areas of the sector. This is creating job opportunities in both the nations.
What is noteworthy here is that these partnerships are being synced to harness the future: a shared passion that is driving the growth of both the countries. Innovation and digital transformation are at the forefront, even extending their influence into areas like education and research.
For instance, both the UAE and India are early adopters, as well as leaders, in digital transformation. In matters of cross border payments, the UAE is already the largest market in India, with remittances exceeding $17 billion in 2022. Moreover, the UAE stands as one of the largest investors in India's fintech sector, with total investments surpassing $1 billion over the last decade.
The shared commitment to shape the future extends to the promotion of digital literacy and skills. Both countries are home to a growing youth population, and initiatives like the UAE's 'skills for future', as well as courses offered by India's National Skill Development Corporation (NSDC) are preparing millions of young people for the future of work.
Lastly, in a world facing the imminent threat of climate change, it fills me with immense pride to see both nations stepping up to shoulder their responsibilities and take a leading role in addressing the critical global challenge. Together, we are striving to create a habitable future for all, and it is good to see the UAE and India put the needs of their citizens first while simultaneously mediating the world's priorities.
Ahamed is the founder of Lulu International Exchange and the MD of Lulu Financial Group.