As relations between the UAE and India reach a new high with Cepa, business leaders from both the public and private sectors are eyeing the massive and lasting opportunities the agreement will create for businesses in both countries.
The UAE has a solid infrastructure ready for Indian companies looking to expand their businesses, said Sameh Al Qubaisi, director general of economic affairs at Abu Dhabi’s Department of Economic Development.
“Our government has invested heavily in many businesses during the pandemic. If you want to come and grow your business, we have the capital markets and the financial innovations for that and we have the credit ratings as a country. If you, as an entrepreneur or as a business, are looking for capital and development, then Abu Dhabi is the right place to enter, given the proximity to India,” Al Qubaisi said during of the UAE-India Investment Forum held in Dubai on Tuesday.
He pointed out that in the country there is a pipeline of innovative and non-traditional ways to work and grow businesses – and virtual asset businesses are one example. “We are looking at crypto and virtual assets and the democratization of different asset classes,” Al Qubaisi said, noting that the country is looking to position itself as a crypto-asset hub.
Ideal environment for startups
Cepa offers futuristic, ambitious and holistic coverage of a wide range of sectors, experts said at the forum.
For Prakash Hinduja, chairman of Hinduja Group, the focus should be on cooperation in emerging areas.
“The main area is startups. (Indian) startups should have more presence in Dubai, so that they can get financial support in a meaningful way,” Hinduja said at the event.
A senior official from the Dubai Silicon Oasis Authority (DSOA) pointed out that the UAE is indeed a top destination for different startups.
Ghanim Mohammad Al Falasi, Senior Vice President for Technology and Entrepreneurship at DSOA, said, “The country is aligned with a certain ecosystem around technology. We consider each vertical as an ecosystem in its own right. It will help us a lot to see if a start-up in India is the same as the one we have in DSOA (Silicon Oasis).
Silicon Oasis, he said, can provide entrepreneurs with an ideal environment from which to take their businesses to new heights.
“We are also about to open our entrepreneurial training, which will help open doors to start start-up economies and maybe venture into different ideas from there,” Al Falasi said.
The DSOA also encourages students to start their own business. “We want to attract more Indian educational entities, whether online or physical, to open their entrepreneurial channels here. An exchange program can take place where students can go or students can come here to evaluate their start-up programs. Businesses can come and see and experience the environment in Dubai and if they want to start their business here, they can decide to stay or change the way they work, Al Falasi said.
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