Recently concluded ‘Indian Business Forum’ in Dubai draws in potential Indian investments to DAFZA

The Dubai Airport Freezone Authority (DAFZA) successfully organized a special forum for Indian businesses under the theme ‘India: A Strategic Partner for Growth in an Evolving Global Economy’ at the DAFZA Business Center in cooperation with Indian Business Professional Council-Dubai (IBPC – Dubai) and Morrison Menon. Present during the event were H.E. Dr. Mohammed Al Zarooni, Director General of DAFZA; H.E. Vipul, Indian Consul General in Dubai; Bindu Chettur, President, IBPC – Dubai and its board members and several other prominent figures and representatives of government agencies and leading Indian companies.

The event complements India’s exceptional investment drive and was aimed at attracting more new investors to Dubai, in line with Dubai Plan 2021’s goal of making the emirate a global investment hub. The forum forms part of DAFZA’s efforts to help achieve the vision of the wise leadership to provide an ideal working environment supported by advanced infrastructure at par with the highest international quality standards for the benefit of the freezone’s strategic partners.

The event was launched by Dr. Al Zarooni, who said: “DAFZA always strives to be a pioneer in supporting the country’s growth and attracting more investments, and emphasizes the depth of its commercial relations with its strategic partners and hosted international companies, in line with the successful development of relations between the UAE and India which was further heightened by the recent visit of H.H. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces to India.  We are witnessing stronger cooperation between our countries, which signed 14 bilateral agreements last January. DAFZA works with a united team to expand our initiatives and provide the best solutions and facilities to attract more investments and maintain our strong relationship with the Indian business community, which reflects positively on the economic growth between the UAE and India.”

During the meeting, major points were discussed regarding the role of Indian and UAE investments in the growth of the global economy and how to enhance investment relations between the two countries. Innovation, which was a major part of the discussion, was highlighted in DAFZA’s innovation plan, which is aimed at enhancing its services for the benefit of existing customers.

H.E. Vipul, Indian Consul General in Dubai, said, “The long standing relationship between the UAE and India dates back to more than 4,000 years ago–making it not only historical but also one of the longest partnerships between countries. We would like to extend our thanks to DAFZA for organizing this event. Today, we have achieved key figures in trade for the two countries, reaching USD 50 billion in 2016, which is expected to grow by 60 per cent in the next three years, especially across strategic segments like technology, energy, the digital economy and smart services. India is working hard to provide more services and expertise to attract more UAE investments and facilitate knowledge exchange in various fields.”

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Bindu Chettur, President, Indian Business Professional Council-Dubai, said, “Today, India is known as one of the world’s largest economies. The country is currently undergoing efforts to further develop its infrastructure of roads and transportation while also reinforcing its presence in digital economy and electronic commerce. Our cooperation with the UAE in general and Dubai in particular, remain highly important in terms of innovation and the use of modern technology.”

As part of its robust relations with the Indian business community, DAFZA is exploring investment opportunities through promotional tours; meetings with major Indian companies, investors and venture capitalists; innovative economic solutions that drive commercial growth and diversification; and enhancements to the UAE’s role in the development of the international economy. To date, DAFZA is developing services to help start-ups and attract more Indian businessmen and investors—working closely to help identify new standards and guidelines aimed at attracting investment to the emirate.

Ties between India and the UAE have been growing significantly as reflected by the annual increase in the number of Indian companies, which now account for 34 per cent of the total number of Asian companies based in the Dubai Airport Freezone.  For this year, the freezone ranks the IT, Internet and telecommunications sectors first among its fastest-growing serviced sectors involving Indian companies. Electronics places second, with jewellery, watches and precious stones tied at third. Among the most prominent Indian companies which participated are Tech Mahindra, Tally, Mind Tree, Godrej, Kalyan Jewelers FZE, Chemmanur Gold Palace International FZCO, Himalaya Drug Company FZCO, and TATA Motors Ltd.

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