Uttarakhand seeks UAE investment in key sectors

New Delhi: UAE Deputy Chief of Mission Majid Alnekhelavi met Ajay Mishra, Resident Commissioner of Uttarakhand, at the UAE Embassy in Uttarakhand Niwas, New Delhi, on Tuesday.

The meeting focused on potential areas of investment between Uttarakhand and the UAE, with a focus on economic cooperation in critical sectors. Ajay Mishra informed Alnekhelavi that after successfully organising the Uttarakhand Global Investors Summit 2023, the state has positioned itself as a new investment destination.

Mishra emphasised the state's improvements in law and order, robust infrastructure, convenient road connectivity, and a favourable policy environment, which have collectively earned the trust of both domestic and international investors.

He underscored how these factors have positioned Uttarakhand as an attractive destination for future investments. Mishra also highlighted key areas where mutual cooperation could benefit both Uttarakhand and the UAE.

These sectors include alternative energy, renewable energy, and the development of knowledge cities.

He also mentioned the significant opportunities for investment in corridor projects within Uttarakhand, stating that these projects have immense potential to contribute to the state's long-term growth and development.

A short film showcasing various sectors in Uttarakhand, such as tourism, wellness, biotechnology, food processing, renewable energy, road connectivity, and infrastructure development, was presented during the meeting.

The film also highlighted the local production efforts led by women's groups, further demonstrating the state's commitment to inclusive and sustainable growth.

India and the UAE share a strong history of bilateral relations, having established diplomatic ties in 1972. The UAE opened its Embassy in India in the same year, followed by the opening of the Indian Embassy in the UAE in 1973.

Over the years, both countries have built robust trade relations. This trade, initially dominated by traditional items such as dates, pearls, and fish, underwent a major shift following the discovery of oil in the UAE.

The UAE's economic emergence after 1971, coupled with India's economic liberalisation in the 1990s, led to a surge in trade, particularly after Dubai positioned itself as a regional trading hub.

The Indian expatriate community, approximately 3.5 million strong, constitutes the largest ethnic group in the UAE, making up about 35 per cent of the population.

This community plays a pivotal role in fostering strong economic, cultural, and social ties between the two countries. These longstanding bilateral relations continue to flourish, with both countries working together on various trade and investment fronts.