Panaji: The United Arab Emirates (UAE) panelists at the Vibrant Goa Global Expo and Summit 2019 Thursday stressed that the UAE is the best place for Indian entrepreneurs to set up business and that the country has ranked top among the Arab countries while being at the 11th position in global ease of doing business.
High-level representatives from the country presented the key provisions of law before a global audience alongside other factors that make the Emirates a preferred foreign direct investment (FDI) destination in the Arab region.
The panelists said the UAE government’s new FDI law, bankruptcy law and amendment to company laws have strengthened the already business-friendly climate in the country.
“Through FDI law, attracting international investments is critical to the sustainable development of any country, and in the case of UAE too, it’s not just to attract capital but go beyond it to facilitate investment and bring transparency as well as ease in trade. As a result, we ranked highest in ease of doing business,” said Juma Mohammed Al Kait, the assistant under-secretary for Foreign Trade Affairs of Ministry of Economy, UAE.
While explaining the steps undertaken to bring in changes in business regulation, Al Kait said that most of the FDI laws practised across the globe are based on promoting investment but very few of them consider facilitating investment. “So a lot of countries promoting FDI end up making the investor find it very hard to invest successfully,” he said. “If the FDI law is not clear on investors’ rights and obligations then the country will not be able to attract investment. And also, the legislation and following procedure need to move together to assist in the registration and licensing of FDI projects,” he said.
The panelist said that the most developing segments in the UAE economy are heavy industry in equipment manufacturing, cement, steel, building materials, tiles and marbles, pipes and shipbuilding.
Dr Rashed Al Nuaimi representing Ras Al Khaimah Chamber of Commerce said that UAE is India’s third largest trading partner after US and China. “This proves that there is a strong and stable relationship promoting an ideal sense of security that investors look for in a destination. Indians believe in word of trust,” he said.
He also pointed out that 3.5 million UAE population comprises of Indians and the number of Indian companies operating in the country is over 22 per cent of the total 14,500 industries in the UAE. Of these, 50 per cent have been doing business for the last 15 years, he said.
Sharief Habib Al Awadhi, the director general of Fujairah Free Zone Authority, described Vibrant Goa summit as a great opportunity for investors and countries to showcase their trade policies and products.