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IOD Special Talk - UAE-India Strategic Ties: Good Governance as a Catalyst for Sustained Economic Growth
Excellencies, Ladies and Gentlemen, and Distinguished Guests.
It is my pleasure to address this esteemed gathering of business leaders at this year's UAE Global Convention organized by the Institute of Directors, India, with an aim to contribute to building tomorrow's boards.
Before continuing, I extend my sincere gratitude and appreciation to the Institute of Directors for conferring the Distinguished Fellowship upon me. I also commend IOD's continuing efforts in promoting transparency, accountability and equitability across boards, fostering good corporate governance and sustainability.
Today, the longstanding and ever-growing strategic partnership between the UAE and India is seen as a global model for bilateral relations aimed at achieving sustainable development and common interests.
The Comprehensive Economic Partnership Agreement or CEPA established between our two countries added a new dimension to this partnership, unlocking an abundance of opportunities for the private sector.
In fact, as we approach the 3rd anniversary of the CEPA's entry into force, it is clear that the two countries are well on their way to achieving the $100 billion non-oil trade target by 2030.
The number of Indian business licenses operating in the UAE exceeded 245,593 by the end of 2024, marking a 20.7% year-overyear growth and spanning diverse activities across various economic sectors.
The non-oil trade between the UAE and India exceeded AED 240 billion in 2024 with a 20.5 percent growth, reflecting the strong investment and trade potential between the two nations. Meanwhile, the number of Indian business licenses operating in the UAE exceeded 245,593 by the end of 2024, marking a 20.7% year-over-year growth and spanning diverse activities across various economic sectors. In the first quarter of 2025 alone, this number exceeded 10,675, confirming Indian business community's status as a strategic partner of the UAE's business sector.
Ladies and gentlemen;
In today's highly interconnected global economy, the credibility of both formal and informal institutions, alongside the private sector, plays a crucial role in crafting policies that foster economic progress. The impact of these entities - whether beneficial or detrimental - can profoundly influence the direction of a nation's economic advancement and overall well-being.
One can see many examples around the world where challenges related to good governance have hindered economic progress. Corruption, weak institutions, and lack of transparency impede the effective implementation of sound policies, resulting in missed opportunities for development and economic growth. Therefore, there is no doubt that good governance and economic prosperity are interlinked.
As stewards of governance and management, it is our responsibility to uphold the principles of integrity, transparency, and accountability.
Embracing these values will enable us to cultivate a governance environment where policies are developed and implemented with excellence, leading to tangible and sustainable economic development.
Despite global economic uncertainty, the UAE has remained committed to its principles of economic diversification and openness while promoting good governance practices within its institutions through the strengthening of the legislative framework governing them.
Over the past four years, the Ministry of Economy, in coordination with its partners at the federal and local levels, has launched an integrated legislative system in implementation of our wise leadership's directives.
Most notably, these include:
• Federal Decree-Law No. (32) of 2021 on commercial companies.
• Federal Law No. (11) of 2021 regarding the regulation and protection of industrial property rights and its executive regulations.
• Federal Decree-Law No. (38) of 2021 on copyright and related rights and its executive regulations.
• Federal Decree-Law No. (36) of 2021 2021 regarding trademarks and its executive regulations.
• Federal Decree-Law No. (36) of 2022 regarding the regulation of competition.
The UAE attracted USD 31 billion in FDI in 2023, reinforcing our position as the top FDI destination in the region and one of the foremost globally.
• Federal Decree-Law No. (6) of 2022 regarding cooperatives and its executive regulations
• Federal Decree-Law No. (50) of 2022 issuing the Commercial Transactions Law
• Federal Decree-Law No. (37) of 2022 regarding family businesses
• Federal Law No. (3) of 2022 regarding commercial agencies • Federal Decree-Law No. (14) of 2023 regarding
trade through modern technology means.
• Federal Decree-Law No. (41) of 2023 regulating the accounting and auditing profession
• Federal Decree-Law No. (42) of 2023 to combat commercial fraud
Bolstered by the recent legislative amendments, the UAE's legislative system now serves as a fundamental pillar in supporting sustainable economic development, stimulating investment flows and empowering the private sector.
The results of these legislative improvements are evident in the country's latest economic performance. In the year of 2024, the UAE's real GDP expanded by 3.9%, reaching USD 510 billion. Non-oil sectors grew by 4.6% during the same period, contributing 75% of the GDP.
Moreover, the UAE attracted USD 31 billion in FDI in 2023, reinforcing our position as the top FDI destination in the region and one of the foremost globally. This influx is a testament to the confidence international investors place in our stable, progressive economic environment.
These results make the UAE perhaps the best example for the linkage between good governance and sustained economic growth.
Good governance is a foundational pillar upon which the prosperity of our nations rests. Let us stay resolute in our dedication to maintaining the highest standards of governance, creating a path toward a future marked by inclusive economic growth and opportunities for everyone.
Thank you.
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Institute of Directors India
Bringing a Silent Revolution through the Boardroom
Institute of Directors (IOD) is an apex national association of Corporate Directors under the India's 'Societies Registration Act XXI of 1860'. Currently it is associated with over 30,000 senior executives from Govt, PSU and Private organizations of India and abroad.
Owned by: Institute of Directors, India
Disclaimer: The opinions expressed in the articles/ stories are the personal opinions of the author. IOD/ Editor is not responsible for the accuracy, completeness, suitability, or validity of any information in those articles. The information, facts or opinions expressed in the articles/ speeches do not reflect the views of IOD/ Editor and IOD/ Editor does not assume any responsibility or liability for the same.
