Global Summit on Small and Medium Enterprises kicks off in India

The 13th Global Summit on Small and Medium Enterprises kicked off yesterday in New Delhi, India, and will continue today with more than 1,000 participants from more than 20 countries. The UAE is participating as a Partner Country and joined a special panel discussion on major partnership opportunities in the UAE’s small and medium-sized enterprises sector.

The UAE delegation is headed by Abdullah bin Ahmed Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade and Industry, and includes Dr. Ahmed Abdulrahman AlBanna, Ambassador of the UAE to India, Mohammed Al Yousfi, National Programme Director for SMEs, Ahmed Ibrahim of the Mohammed bin Rashid Establishment for Small and Medium Enterprises Development, Jason Weslo, Senior Executive Director in Dubai South and representatives of federal and local government agencies, along with more than 25 entrepreneurs and SME owners.

During his opening speech for the summit being held under the theme, ‘Global Partnerships in Small and Medium Enterprises to Promote Sustainable Growth,’ Al Saleh emphasised the strong historical ties between the UAE and the Republic of India at all economic and cultural levels, saying that India is the largest trading partner of the UAE which in turn is the third largest foreign partner of India.

Indian investments in the UAE have reached more than US$6 billion so far, the third largest for the country, while the UAE is India’s 10th largest foreign investor and the region’s first.

The Under-Secretary pointed out several indicators of the strong ties between the two countries, noting that Indians comprise the largest expatriate community living and working in the UAE at around 2.5 million, with their annual volume of remittances estimated at US$12 billion.

Al Saleh clarified that the most prominent sectors for joint investments between the two countries include construction, energy, information technology, and services. He stated that the summit provides an ideal platform for the exchange of information and opportunities on potentials for enhancing partnerships in the priority sectors of both parties in the coming period, focusing particularly on prospects for SMEs.

The Under-Secretary revealed that bilateral trade between the two countries has grown steadily, with non-oil exchange inclusive of free zones recorded at US$34.2 billion by the end of 2015, and at more than US$17 billion during the first half of 2016.

Al Saleh underscored the vast opportunities provided by the summit to discuss ways to enhance collaboration in areas of common interest and mutual prospects in the SME sector as well as the exchange of experiences and plans related to the growth and development of this vital sector.

He added that the SME sector comprises more than 90 percent of the companies operating in the UAE and India, making it a top priority for the two countries. He also said that the Emirates values this sector due to its relevance in promoting a diversified economy based on knowledge. He said that the UAE has set a goal to increase the contribution of SMEs to the national GDP to 70 percent by 2021.

Commenting on the role of the UAE as the summit, Dr. AlBanna said that SMEs are of great importance in promoting economic growth as they play key roles in providing new jobs, promoting innovation, and spurring exports.

The Ambassador added that given the close bilateral relations uniting the UAE and the Republic of India, the summit provides the perfect platform for deepening cooperation in the SME sector and exploring opportunities for building more partnerships in this major sector as well as exchanging experiences and knowledge for the interests of both countries.