Dubai: In a bid to strengthen economic ties with India, a UAE business delegation will visit Mumbai for four days to open up new areas for greater commercial engagement in trade and investment. The Dubai International Financial Centre (DIFC) delegation will arrive on Monday to highlight internationally recognised platforms for stimulating trade and investment. “Dubai needs little introduction to India, but the continued evolution of DIFC is opening the door to new markets and fresh opportunities for the Indian economy and its burgeoning private sector,” said Arif Amiri, Deputy Chief Executive Officer of the DIFC Authority.
“The scale of our growth strategy shows that the opportunities for India are vast. We are confident that this visit will open up new areas of potential collaboration between the financial capitals of Dubai and Mumbai,” he said.
DIFC representatives will promote to Indian investors and the wider Indian financial sector the stability, efficiency and world-class regulation offered by an advanced business ecosystem located at the heart of the Middle East, Africa and South Asia (MEASA) region, a vast economic area with an estimated combined GDP of USD 7.9 trillion.
Bilateral trade between India and the UAE crossed USD 59 billion for the financial year 2014-2015. Indian exports to the UAE, its top export destination, are valued at USD 33 billion. UAE-based NRIs account for USD 15 billion in annual remittances, own more than 40,000 UAE companies and hold investments worth an estimated USD 55 billion, including as much as USD 18 billion in real estate.
DIFC aims to increase its assets under management to USD 250 billion from current USD 10.4 billion, host 1,000 financial services firms and grow its balance sheet from USD 65 billion to USD 400 billion.