Page 294 - MOE ENGLISH PR REPORT - JULY 2024

7/29/24, 3:40 PM H.E. Bin Touq discusses ways to enhance cooperation in new economy, tourism, entrepreneurship and transport sectors
cultural relations, which continue to grow and scale new heights.

The Minister of Economy said: "India is a strategic economic partner to the UAE and we look forward to
continuing to work with our partners in the Indian government in sectors and areas of mutual interest.
Our joint efforts will contribute to enhancing the distinct economic partnership between the two

countries, thus supporting the growth and sustainability of both economies."

Furthermore, H.E. Bin Touq reviewed the UAE's efforts in developing the tourism sector, especially in
light of the objectives of the National Tourism Strategy 2031. The strategy aims to raise the country’s
status as the best tourism identity in the world, consolidating its position as a leading tourism destination;
increase the sector’s contribution to the national GDP to AED 450 billion; and attract new investments of

AED100 billion to the national tourism sector by the next decade.

Indian private sector invited to benefit from the potentials of UAE's business environment

During his meeting with Dr. T.R.B. Rajaa, Minister for Industry, Investment Promotion, and Commerce in
the Government of Tamil Nadu, H.E. Bin Touq discussed a range of flexible economic policies and

legislations in both countries aimed at enhancing dialogue between the UAE and Indian business
communities and encouraging the establishment of new projects in various economic fields. In addition,
H.E. invited Indian investors and businessmen to take advantage of the opportunities provided by the
UAE, especially its logistics capabilities and economic facilities for establishing diverse business
activities. The two countries enjoy strong relations in the civil aviation sector with continued growth in air

traffic between UAE and Indias cities. Currently, there are 555 weekly flights connecting various cities of
the two destinations, operated by the UAE’s national carriers.

H.E. also invited the two Tamil Nadu ministers to participate in the 4th edition of Investopia, scheduled to

be held in February 2025, as it will be a significant opportunity to discuss ways to benefit from the
promising opportunities that the UAE offers to investors from around the world, and to develop
cooperation in various economic sectors.

In yet another meeting, with Dr. A. Sakthivel, President of the Federation of Indian Export Organizations

(FIEO), H.E. Bin Touq highlighted the increasing opportunities for cooperation between the two countries
in export and re-export and supporting the growth of exporting companies operating in the UAE and
Indian markets.

H.E. Bin Touq also met with Mr. Sanjay Jayavarthanavelu, Chairman and Managing Director of LMW,
one of India's leading companies specializing in textile machinery manufacturing. In addition to the latest

advanced technologies and innovative solutions used by the company in the textile machinery industry,
the meeting discussed the unique economic enablers and support that the UAE's business environment
provides to companies looking to establish their operations in the country.

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