Current Affairs 2022: Gulf Business Summit

The India-UAE trade is valued at USD 59 billion in 2019-2020, which makes the UAE the third-largest trading partner of India.

Delegates from Hong Kong, the UAE and Saudi Arabia came to Kashmir for the Gulf Business Summit in order to show confidence and make a connection with the conducive situation in J&K, which is growing for investments. They aimed to instil faith in the MoUs worth INR 3,000 crore signed in the initial months of 2022. The discussion included investing in various sectors in J&K, increasing yields and employment opportunities. The Jammu & Kashmir government had signed MoUs across sectors with companies like Al Maya Group, Emaar, MATU Investment, GL Employment Brokerage LLC, Noon e-commerce, etc. 

Significance of this Summit

• The best thing about this Summit was that it helps destigmatise Kashmir and the notion of it being unsafe to the world. This summit sends out the message that investments in Kashmir are worth their dime. 
• This is the first time in history that investment has come to Kashmir, which invariably helps in the development of a Union Territory in India. These investments will help in developmental projects, infrastructure, machinery, manufacturing, transportation and connectivity. 
• Almost INR 27 crores worth of investment has already been cleared by the Government and in another six months, the investment will surge to INR 70 crores. This is a good amount to cover up the trade losses incurred during the pandemic. This investment is also an opportunity for the locals to find employment. 
• The strengthened trust-building between India and the United Arab Emirates will generate around six to seven lakh jobs. These job opportunities will make life easier for the people of the valley.

Relationship Between India and UAE

• The trade relationship between India and UAE goes long back. From trading in dates, pearls and fishes to trading in oils since 1962, the trade relationship has seen a 180-degree turn. This deal is another way of strengthening the relationship and in turn profiting all parties involved.
• The major change happened after Dubai became the trading Hub, and Economic liberalisation in India further increased trade and commerce. 
• The increasing trade and commerce between India-UAE will help in diversifying and provide ample opportunities to diversify and intensify trade.
• The India-UAE trade is valued at USD 59 billion in 2019-2020, which makes the UAE the third-largest trading partner of India.

To conclude, one can hope for the Gulf Business Summit to be a stepping stone toward reviving business transactions between the Gulf countries and India, expanding the markets and providing ample opportunities and gains to all stakeholders. It is an opportunity to start fresh for Kashmir, given its declining economy since the abrogation of 370 followed by the pandemic.

About the author

With a master's degree in environmental science, Priya Sengupta found her true calling in words and stories. A passionate writer, avid reader and a dog parent, she spends her me-time reading Bengali literature and listening to soulful music.

 

 

 

 

 

 

 

 

Note: The views expressed in this article are solely the author’s own and do not reflect/represent those of Shiksha.