UAE committed to strengthening global cooperation for growth
- 17 Mar 2024
Sheikh Nahyan Bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, affirmed that the Genetic International Trade Association (GITO) Summit in Dubai carries great importance in exploring investment opportunities and enhancing trade exchange between India, African countries, the Middle East and North Africa region, which reflects the UAE’s commitment to enhancing international cooperation and strengthening the global economy, under the leadership of President His Highness Sheikh Mohamed Bin Zayed Al Nahyan.
“Growth has become one of our most important priorities, in light of the UAE’s close trade and economic relations with most countries of the world, which emphasises our role in promoting development and regional and global cooperation, in order to provide an economic model that everyone can adopt, because the Emirati model confirms that economic prosperity is the foundation of a successful society and is necessary to improve the quality of life of its people,” he said.
This came during Sheikh Nahyan’s participation in the Dubai International GITO Summit, in the presence of more than 600 economic figures from more than 18 countries. Abdullah Al Hashimi, Executive Director of Operations at Parks and Zones and DP World for the Gulf Cooperation Council countries; Sanjay Sudhir, Ambassador of India to the UAE, and a large number of international figures, also spoke at the summit.
Sheikh Nahyan Bin Mubarak honoured Vinod Adani, Chairman of Adani Global, with the Jeetu Ratna Award for his outstanding contributions to national growth and promotion of Jeetu.
He said, “Your summit is a call to the business communities in India, African countries, the Middle East and North Africa region to partner for success, and it is important to realise that managing large-scale investment and capital flows between India and those countries requires steadfastness and hard work, through appropriate social initiatives and emphasising ethical and transparent deals, and expanding individual and institutional participation in all joint projects and investments.” He added, “I look forward to your discussions on how to achieve greater integration between India, the countries of Africa, the Middle East and North Africa region, and in particular, how to build stronger trade and economic ties to enhance regional trade and investment, also how to strengthen the private sector in each aspect and increase its participation in national and regional development, and in the global economy respectively. How to manage globalisation while sharing the benefits of modern technology, how to build and strengthen the institutions that make economic cooperation possible, and how to benefit from the growing and the special status of India, Africa, the Middle East and North Africa region in the global economy.” Sheikh Nahyan directed the audience to the importance of everyone considering how to train and develop the business leaders that India, Africa, the Middle East and North Africa region need in order to achieve their full potential in terms of economic and social and human development, so that such leaders have the ability to adapt to changes in business environments, and that they must develop the skills necessary to overcome obstacles and build relationships across borders.
He concluded, “I certainly wish you a successful summit. I also look forward to our esteemed guests from abroad enjoying their time in Dubai and the UAE. I take this opportunity to wish all of you and all the people of India prosperity and continued luxury in the years to come. “We, in the United Arab Emirates, deeply values our friendship with India and hopes that the excellent relations between our two countries will develop and become more productive.” Sheikh Nahyan also extended a special greeting to the African ambassadors who attended the summit, expressing his deep appreciation for the close and lasting relations between the UAE and all African countries.
Separately, Jebel Ali Free Zone (Jafza) is a major contributor to the growing trade between India and the UAE. There’s been a significant increase in Indian businesses setting up there, with 28% more new companies in 2023 compared to the previous year. This resulted in over 190 new Indian businesses and a total of more than 1,500 Indian companies in Jafza. This growth follows trade events held in India to connect with potential businesses.
Bharat Mart, set to open in 2026, gained attention at recent trade events. This initiative aims to assist Indian businesses in accessing markets across the Middle East, Africa, and Europe by offering retail space, warehousing, and logistics services.
