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Gujarat seeks UAE investments to boost growth

September 07, 2016

Gujarat is seeking investments in different sectors including renewable energy, infrastructure development, financial services, aerospace and defence to boost revenue and growth, a top government official from the state said in Abu Dhabi.

“Gujarat is one of the fastest growing states in India contributing 7.14 per cent of India’s total GDP. There are plenty of opportunities of Emirati companies to invest in the state,” said Shri. S.J. Haider, IAS, Principal Secretary to the government of Gujarat while speaking at Abu Dhabi Chamber of Commerce and Industry office on Wednesday.

Shri. Haider outlined a number of sectors that would offer potential investment opportunities for the UAE based companies. In clean energy sector, he said India needs as much as $200 billion (Dh734 billion) to meet its target of installing 100,000 megawatt of solar power capacity and around 60,000 megawatt of wind power capacity by 2022.

“Gujarat is emphasizing on clean energy projects. It already has second highest solar power installed capacity in India and is looking to start offshore wind projects.”

The state is also looking for investments in Gujarat International Finance Tec City (GIFT City), an ambitious project by the government to attract foreign direct investment and give boost to financial services sector.

Ease of doing business

The project will have 110 buildings with a hospital and number of hotels. Gujarat government is planning to make it as a hub for financial services in India.

“Gujarat is a policy driven state. We are trying to strengthen ease of doing business and attract more foreign companies. We will be hosting a Vibrant Gujarat Global Gujarat summit next year to highlight opportunities.”

Ms. Neeta Bhushan, Charge d’ Affaires at the Indian Embassy in Abu Dhabi, said the India-UAE relations are at its peak with robust trade between the two countries.

The total bilateral trade between the UAE and India for the year 2015-16 is around $50 billion, which has gone down from $59.1 billion when compared to the previous year.

The UAE is India’s third largest trading partner after China and the US, whereas India is the largest trading partner for the UAE for the year 2015, according to Indian embassy.

Source : GulfNews.com

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