UAE believes in the India story and bets on it: Indian ambassador Sanjay Sudhir
Sanjay Sudhir, Ambassador of India to the UAE, spoke about the scope of collaboration between India and the UAE at ICAI’s 34th Annual International Seminar in Abu Dhabi.
Sindhu Kashyaap
Saturday February 04, 2023 , 3 min Read
Chartered accountants form the backbone of the UAE economy, said Sanjay Sudhir, Ambassador of India to the UAE.
Speaking at the 34th Annual International Seminar of the Institute of Chartered Accountants of India (ICAI) - Abu Dhabi Chapter, in Abu Dhabi, the ambassador highlighted the event as a hallmark of India’s CA fraternity.
“The 8,000 CAs in the UAE form the backbone of the economy here. About 60–70% of the CFOs in the UAE are Indian CAs,” he said.
Sudhir said the relationship between India and the UAE is rooted in history, cultural affinities, and trade ties and exhibits unique dynamism.
He pointed out that the increased number of Indian government visits to the UAE signals an emerging dynamism between the two countries.
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“In terms of statistics, India is the third largest trade partner of the UAE, and UAE is the second largest trade partner of India. The UAE is the seven largest investor in India.”
UAE believes in the India story and bets on it, said the ambassador. “When coupled with mutual trust and level of mutual understanding and confidence between our leadership and institutions, we can negotiate a CEPA (Comprehensive Economic Partnership Agreement) in three months flat.”
The last one year has seen an investment of over $8 billion in India in different economic areas such as infrastructure, renewable sector, and startups.
The ambassador said India’s growth towards becoming a leader among the world economies can be beneficial to the UAE. He said, “What this holds for the UAE must be debated and discussed to translate them into opportunities for both countries.”
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He remarked that the current investment landscape in India seems to be restricted, indicating the need for a “deeper and wider” exploration of the investment segment.
“The dynamic in India, relating to futuristic legislations, setting up of regulatory systems, which are ahead of the global curve, the disruptive digital stack that we have developed, pioneering initiatives like the green hydrogen mission will break new frontiers in renewables. All these initiatives need a deeper dive,” he said.
Sudhir said the collaborations with UAE are focused on integrating the nations’ economies. This will be enabled by India’s digital stack, he said.
Over the past three decades, Sanjay Sudhir has served as High Commissioner of India to the Maldives, Consul General of India in Sydney, and Counsellor at the Permanent Mission of India to the World Trade Organization, Geneva. At present, he also serves as India’s Permanent Representative to the International Renewable Energy Agency.
The two-day seminar titled ‘Transformation Redefined–Possibilities Infinite’ started today (February 4).
A number of dignitaries and speakers are attending panel discussions and sessions at the event being held at Fairmont Bab Al Bahr, Abu Dhabi, UAE. The Abu Dhabi Securities Exchange is the title sponsor of the event.
Around 800 delegates are expected to attend the event, stated CA John George, Chairman, Institute of Chartered Accountants of India (ICAI)–Abu Dhabi Chapter, at a press conference.
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Edited by Swetha Kannan