The market potential for Small and Medium Enterprises (SMEs) in the Gulf Cooperation Council (GCC) is poised to touch US$920 billion in the next five years, compared to the current US$360 billion, a growth of 156 per cent, significantly enhancing investment prospects in this sector, it was revealed during the second India-United Arab Emirates (UAE) Partnership Summit (IUPS).
A research paper released at the opening session of IUPS, jointly inaugurated by Dr Abdullah Al Nuaimi, Cabinet Member and Minister of Infrastructure Development, UAE, and the Indian State Ministers Manpreet Singh Badal from Punjab, Satyender Jain from Delhi and Chandra Mohan Patowary from Assam, said the employment potential in the SME sector is expected to reach 22 million, from the current 17 million in the GCC, while the sector reportedly accounts for 120 million jobs in India.
“SMEs present a significant opportunity for India and the UAE to cooperate and add value to the robust economic potential of both countries, particularly in the private sector. The SME platform will offer a multifaceted and diverse investment opportunity for entrepreneurs from both countries, thereby raising the share of the sector’s contribution to the GDP of both nations,” said Indian Ambassador to the UAE Navdeep Singh Suri, at the summit.
The focus sectors of this year’s summit are Education, SMEs and Skill Development and Placement, with four Indian states –Assam, Delhi, Punjab and West Bengal – showcasing investment opportunities in these sectors.
Additionally, the focus Emirate in the UAE is Sharjah, represented by the investment promotion agency, Invest in Sharjah.
IUPS is organized by the Business Leaders Forum (BLF), a unit of the India Trade and Exhibition Centre, in association with the Indian Embassy, Abu Dhabi and Consulate General of India, Dubai and the UAE Ministry of Economy, as strategic partners.
According to the research paper prepared by the leading accountancy firm, Crowe, the advisory partner of the India-UAE Partnership Summit, SME growth prospects in the region are estimated at 156 per cent.
Speaking at the summit, Sudesh Aggarwal, Board Member of BLF, Chairman of the IUPS Organising Committee and Chairman of India Trade and Exhibition Centre (ITEC), said mutual cooperation in the sectors of education, skill development and placement of manpower and SMEs will help complement the robust strategic agenda of Indo-UAE relations.
“Economic and investment cooperation between India and the UAE has been on an upswing and, in the last few years, the level of engagement between both countries has risen to encompass diverse business sectors. Raising the level of mutual investment and innovation cooperation in sectors such as education and SMEs will further accelerate bilateral relations,” Aggarwal added.
A research paper released at the opening session of IUPS, jointly inaugurated by Dr Abdullah Al Nuaimi, Cabinet Member and Minister of Infrastructure Development, UAE, and the Indian State Ministers Manpreet Singh Badal from Punjab, Satyender Jain from Delhi and Chandra Mohan Patowary from Assam, said the employment potential in the SME sector is expected to reach 22 million, from the current 17 million in the GCC, while the sector reportedly accounts for 120 million jobs in India.
“SMEs present a significant opportunity for India and the UAE to cooperate and add value to the robust economic potential of both countries, particularly in the private sector. The SME platform will offer a multifaceted and diverse investment opportunity for entrepreneurs from both countries, thereby raising the share of the sector’s contribution to the GDP of both nations,” said Indian Ambassador to the UAE Navdeep Singh Suri, at the summit.
The focus sectors of this year’s summit are Education, SMEs and Skill Development and Placement, with four Indian states –Assam, Delhi, Punjab and West Bengal – showcasing investment opportunities in these sectors.
Additionally, the focus Emirate in the UAE is Sharjah, represented by the investment promotion agency, Invest in Sharjah.
IUPS is organized by the Business Leaders Forum (BLF), a unit of the India Trade and Exhibition Centre, in association with the Indian Embassy, Abu Dhabi and Consulate General of India, Dubai and the UAE Ministry of Economy, as strategic partners.
According to the research paper prepared by the leading accountancy firm, Crowe, the advisory partner of the India-UAE Partnership Summit, SME growth prospects in the region are estimated at 156 per cent.
Speaking at the summit, Sudesh Aggarwal, Board Member of BLF, Chairman of the IUPS Organising Committee and Chairman of India Trade and Exhibition Centre (ITEC), said mutual cooperation in the sectors of education, skill development and placement of manpower and SMEs will help complement the robust strategic agenda of Indo-UAE relations.
“Economic and investment cooperation between India and the UAE has been on an upswing and, in the last few years, the level of engagement between both countries has risen to encompass diverse business sectors. Raising the level of mutual investment and innovation cooperation in sectors such as education and SMEs will further accelerate bilateral relations,” Aggarwal added.
Source Link: timesofoman.com
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