UAE and Tamil Nadu Discuss Expanding Investment and Economic Cooperation

UAE, 27 July, 2024 :  A UAE delegation led by Minister of Economy Abdulla bin Touq Al Marri recently met with top leaders from Tamil Nadu, India, to strengthen cooperation across various sectors, including the new economy, tourism, entrepreneurship, SMEs, transport, and fintech.

Bin Touq, along with Alia Bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship, held discussions with Tamil Nadu Chief Minister M K Stalin and Dr T R B Rajaa, Minister for Industry, Investment Promotion, and Commerce. They emphasized the strategic economic and cultural ties between the UAE and India, and the potential for further growth and collaboration.

Bin Touq highlighted the UAE's National Tourism Strategy 2031, which aims to boost the sector’s contribution to the national GDP to AED 450 billion and attract AED 100 billion in new investments. He also reviewed flexible economic policies aimed at fostering UAE-India business relations and invited Indian investors to leverage the UAE’s logistics and economic facilities.

The UAE and Tamil Nadu maintain strong civil aviation connections, with 555 weekly flights between the two regions. Bin Touq also extended invitations to Tamil Nadu officials for the 4th edition of Investopia in February 2025, which will explore investment opportunities in the UAE.

Additional meetings included discussions with Dr A Sakthivel, President of the Federation of Indian Export Organizations, and Mr. Sanjay Jayavarthanavelu, Chairman and Managing Director of LMW, on expanding cooperation in export, re-export, and textile machinery. Discussions with Dheeraj Hinduja, Chairman of Ashok Leyland, focused on the company’s plans to expand in the UAE market.

The UAE's foreign direct investment (FDI) in India spans sectors such as renewable energy, IT services, and automotive manufacturing. Non-oil trade between the two countries surpassed $53.5 billion in 2023, reflecting a 3.9% growth from the previous year.

Source : www.zawya.com