UAE-India keen to boost SME sector, investment and innovation

New Delhi, Feb 11 (KNN) UAE and India are keen to boost the bilateral ties between two sides mainly through three areas - small and medium enterprises (SMEs), innovation and investment. Acknowledging that growth of SMEs is critical for the country's growth, the two sides agreed to mainstream the sector into global value chains and develop the sector.

Sultan Al Mansoori, Minister of Economy, UAE met Union Finance Minister, Arun Jaitley on Wednesday.

During the meeting, both sides emphasized the need for cooperation between two countries with regard to three areas viz., investment, innovation and Small and Medium Enterprises (SMEs). 

UAE side highlighted the importance of SME sector and the institutional framework that they have developed to support SMEs. Jaitley agreed with the view that the SME sector is critical for the growth of the economy and employment.

The need to mainstream the SMEs into the global value chains was also highlighted. It was also decided that the respective institutions and industry associations engaged with SMEs would cooperate to harness the growth of SME sector in both the countries, according to an official statement. 

Regarding investments, the UAE Minister noted that the different institutions in UAE have already made a number of investments in infrastructure and other sectors. He reiterated that the different agencies of UAE will continue their efforts at widening their relationship with India in this regard. The Finance Minister highlighted the investment opportunities available including the NIIF. 

With regard to the innovation, the UAE side mentioned that an innovation strategy has been developed by them and they have also se- up an Innovation Council to spearhead the activities. Jaitley mentioned the steps taken on innovation in India including the recently launched initiative of Start-Up India. Both agreed to deepen their engagement in the area of innovation so as to harness respective capabilities in a mutually beneficial manner. (With PIB Inputs)