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A New Era for Indian Businesses
On the felicitous occasion of the 78th India Independence Day, ESPA stands in salutation and celebration of the leadership and people of both India and the UAE
Neelivethil Rajeev, Managing Director (MENA and APAC), ESPA Spain.
As India celebrates its 78th Independence Day, it’s an opportunity to reflect on the nation’s extraordinary journey. From its early days as an independent republic to its current standing as a global economic powerhouse, India’s evolution has been nothing short of remarkable. Indian businesses are at the forefront of this transformation, driving initiatives that are reshaping the economic landscape and extending their influence worldwide.
Reflecting on my journey, I recall how my writing for Khaleej Times began as a way to honor and capture the essence of significant events. Over time, what started as an occasional endeavor has evolved into a cherished hobby. The positive responses from readers have been deeply meaningful, affirming the impact of words in connecting with the broader community. Just as my writing has evolved, so too has the business landscape, offering new opportunities and challenges.
Transformative Initiatives
In recent years, India has experienced a wave of transformative reforms, setting the stage for unprecedented economic growth. Programs like Digital India, Make in India, and Startup India have fostered an entrepreneurial spirit that is driving innovation and creating millions of jobs. These initiatives have empowered Indian businesses to compete globally, contributing significantly to the nation’s socio-economic development.
One of the most exciting developments in India’s economic landscape is the Comprehensive Economic Partnership Agreement (CEPA) with the UAE. This landmark agreement opens up new avenues for trade and investment, solidifying the economic partnership between the two nations. CEPA is expected to enhance bilateral trade, reduce barriers, and create an environment conducive to business growth, further cementing India’s role on the global stage.
The increase in trade volumes is expected to create a ripple effect, unlocking investment opportunities that will benefit businesses and the broader economy. Indian investments in overseas real estate, particularly in Dubai, are experiencing a significant surge, driven by immigration programs like the Golden Visa and attractive rental yields. Indian investors made significant contributions to Dubai’s residential market, with purchases exceeding $4 billion in 2022. The bilateral investment treaty signed in February 2024 is anticipated to further boost investment activity between the two countries.
Seamless Digital Payments
In July 2023, the two governments launched a Local Currency Settlement (LCS) System to promote the use of the Indian Rupee and UAE Dirham for cross-border transactions. Subsequently, agreements were signed to link their instant payment platforms — India’s Unified Payment Interface (UPI) with the UAE’s AANI — and their domestic debit and credit card systems — India’s RuPay with the UAE’s Jaywan. These digital payment linkages aim to facilitate seamless cross-border transactions.
Building Bridges Through Education
Education has always been a cornerstone of India’s progress, and in today's globalized world, it plays an even more critical role. The establishment of the Indian Institute of Technology (IIT) campus in Abu Dhabi is a testament to the deepening educational ties between India and the UAE. This prestigious institution is set to bring world-class education to the region, fostering innovation and collaboration.
The IIT Abu Dhabi campus represents more than just an academic endeavor; it symbolises the strengthening relationship between India and the UAE. It will serve as a hub for research and development, contributing to the socio-economic growth of both nations. This initiative highlights the importance of education in empowering future generations and driving sustainable development.
India’s Global Business Outreach
Indian businesses have long recognised the importance of expanding beyond domestic markets. By investing in research, innovation, and forging global partnerships, Indian companies have established a strong presence in key international markets, making significant contributions to the global economy. In the UAE, Bharat Mart stands as a testament to the thriving India-UAE economic relationship. Bharat Mart is set to become a major trading hub, connecting Indian manufacturers with the Middle East and African markets. This initiative strengthens the economic ties between the two nations and provides a platform for SMEs to expand their reach, driving economic growth and creating new opportunities.
Reflecting on this significant milestone, I’m filled with pride at how far we’ve come.
Enhancing Trade Routes from India to the UAE
The India-Middle East-Europe Economic Corridor (IMEE), unveiled in September 2023 after discussions in New Delhi, represents yet another potentially significant avenue for deepening ties between India and the UAE. The proposed corridor’s eastern leg would facilitate container traffic from India to the UAE, leveraging established shipping routes from India’s west coast to connect with the corridor’s overland route. This initiative promises to enhance economic integration and connectivity between India, the Middle East, and Europe, with the UAE serving as a pivotal hub within this strategic framework.
ESPA: Expanding Horizons with a Focus on Sustainability
My company, ESPA, has been a cornerstone in the region for over 40 years, emerging as one of Europe’s foremost leaders in the design, production, and innovation of pumps, systems, and water management solutions for domestic and residential use. Our Spanish conglomerate has established a strong presence in the retail, project, and pool markets, and we have truly benefited from the UAE’s business-friendly environment, positioning ourselves as a key player in the region.
Our journey at ESPA has been marked by continuous growth and adaptation. Now, we’re excited to expand our horizons into the APAC areas, continuing to leverage our experience and expertise. Today, ESPA is deeply embedded in the Middle East, where we actively engage in various construction sectors, with a strong focus on energy-efficient products. This expansion represents a new chapter in our journey, one that aligns with the broader trends of sustainable development and global collaboration.
A Bright Future Ahead: India-UAE Relations
The relationship between India and the UAE has always been special, characterised by deep-rooted cultural ties, shared economic interests, and a mutual commitment to peace and prosperity. The UAE, home to a large and vibrant Indian expatriate community, has seen this bond grow stronger over the years.
Looking ahead, the future of India-UAE relations is brighter than ever. The Comprehensive Economic Partnership Agreement (CEPA) will further strengthen bilateral trade and investment, while initiatives like the IIT Abu Dhabi campus and Bharat Mart will deepen cultural and educational exchanges. These developments underscore the robust partnership between the two countries and highlight the potential for even greater collaboration in the years to come.
Conclusion: A New Dawn
As India celebrates its 78th Independence Day, there is a collective sense of pride in the progress made and optimism for the future. The journey has been remarkable, and the road ahead promises even greater achievements. Through transformative initiatives, a strong emphasis on education, and an outward-looking approach, Indian businesses are well-positioned to lead on the global stage.
In the UAE, where the Indian community has thrived for decades, the enduring relationship between the two nations stands as a powerful example of what can be achieved through collaboration and mutual respect. Together, India and the UAE are building a future that is not only prosperous but also inclusive and sustainable—ushering in a new era of growth, opportunity, and shared success.
— Neelivethil Rajeev is the Managing Director at ESPA for MENA and APAC, a Spanish Group predominantly in the MEP/HVAC side. He has been with the brand since inception for more than three decades.
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