Day: January 5, 2023

Uncategorized

India, UAE want to use their relationship to shape changing world: EAM Jaishankar

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External affairs minister S Jaishankar Monday said India and the UAE will play a significant role in re-shaping the global order.

In his address at the inauguration of the India Global Forum UAE 2022, Jaishankar said India and the Gulf state are two ancient civilisations who have co-existed for centuries and are now re-discovering old ties.
Jaishankar pointed out that apart from burgeoning bilateral trade and an increasingly bigger share in the global economy, India and the UAE are also playing a big role in the geopolitics of the Middle East with their involvement in the I2U2 group.

“I would cite the establishment of the I2U2 mechanism comprising Israel, the UAE and the US as yet another example of how the changed relations between India and the UAE is beginning a broader ripple impact. The fact that it is fitting into transformations that are independently underway in this region and often helping to take the direction of that transformation forward,” Jaishankar said.
“So the picture I see today of India and the UAE is two nations who have known each other a long time but have re-discovered the relationship in the last decade. We are using the relationship today to not just survive the changing world but to shape it,” he added.

Pointing out that India and the UAE have taken their economic cooperation to a new level in recent years, the EAM asserted that relations with the UAE are of particular importance for the Indian government.

“The UAE is today India’s third largest trade partner. It is our second largest export market. More Indian citizens live in UAE than in any other country abroad. So whether we are talking people, or whether we are talking business, UAE has a particular salience in our perspectives.

“After PM Modi’s visit in 2015, a visit which took place after more than four decades, we have actually seen a veritable transformation in our ties. As I pointed out, certainly our trade and investment have gone up,” Jaishankar said.

“If we were to speak about the return of history in this part of the world, a very natural example of that is the India-UAE relationship. There are times when we may occasionally have a different perspective. Even that is often expressed quite subtly between us,” he added.

“So when I look at the return of history and the relationships which will go forward in the coming days, I certainly would rank the India-UAE relationship very high in that.”

The India Global Forum UAE 2022 is a five-day gala event that will bring together leading political, business and cultural personalities from India, the UAE and across the world.

Business

Dubai announces plan to ‘double’ economy in next decade.

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The Gulf emirate’s ruler, Sheikh Mohammed bin Rashid Al-Maktoum, unveiled in a series of tweets the Dubai Economic Agenda, dubbed “D33”, with targets totalling 32 trillion dirhams ($8.7 trillion). The plan would “double the size of Dubai’s economy in the next decade and consolidate its position among the top three global cities”, Sheikh Mohammed said in a post that was accompanied by a marketing video.

Dubai announced Wednesday a bold plan aiming to boost foreign trade and investment in the United Arab Emirates’ financial hub and “double the size” of its economy by 2033.

The Gulf emirate’s ruler, Sheikh Mohammed bin Rashid Al-Maktoum, unveiled in a series of tweets the Dubai Economic Agenda, dubbed “D33”, with targets totalling 32 trillion dirhams ($8.7 trillion).

The plan would “double the size of Dubai’s economy in the next decade and consolidate its position among the top three global cities”, Sheikh Mohammed said in a post that was accompanied by a marketing video.

The objectives would be achieved through “100 transformative projects”, he said in Twitter posts using infographics.

The new economic agenda would also add 400 cities to Dubai’s list of trading partners, increasing foreign trade in the coming decade by 44 percent to 25.6 trillion dirhams.

It would also see foreign direct investment in Dubai exceed 650 billion dirhams within 10 years, according to Sheikh Mohammed.

The ambitious plan comes as much of the world reels from doom-laden financial forecasts.

On Monday, the head of the International Monetary Fund (IMF) warned a third of the world’s economy would slip into recession in 2023 amid slowing growth in the United States, the European Union and China.

But visiting IMF officials in November predicted “robust” economic growth in the UAE, with projected GDP growth of six percent in 2022.

Dubai’s GDP stood at 307.5 billion dirhams during the first nine months of 2022, according to the government, representing a 4.6-percent increase year-on-year from 2021.