Page 308 - MOE ENGLISH PR REPORT - JULY 2024

7/29/24, 3:41 PM H.E. Bin Touq discusses ways to enhance cooperation in new economy, tourism, entrepreneurship and transport sectors during me…
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.

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H.E. also invited the two Tamil Nadu ministers to participate in the 4 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.

During another meeting with Mr. Dheeraj Hinduja, Chairman of Ashok Leyland, a leading Indian company in vehicle
manufacturing and assembly, and the fourth-largest bus manufacturer in the world, the company presented its expansion

plans in the UAE market before H.E. the Minister of Economy.

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