World Expo 2020: Perfect Venue to Promote UAE-India Trade and Investment Ties
Originally slated to commence in October, 2020, the World Expo 2020 had to be put off due to the coronavirus pandemic. The new date for the World Expo 2020 has been shifted to 1 October 2021 and will continue for 6 months.
World Expos:
Also known as International Registered Exhibitions, World Expos are global events that take place once every lustrum in different places around the world that are decided by a consortium. First took place in London in 1851, World Expos allow tens of millions of people to participate and showcase their advancements in various fields.
The World Expo 2020 site sits between the capital and the most famous Emirate: Abu Dhabi and Dubai. It will display 60 exhibitions every day from people of over 191 countries. This 6-month global event, dubbed as the world largest event, will attract more than 25 million visitors.
The expo site has three thematic districts: Mobility district, Opportunity district, and Sustainability district. It will feature over 200 restaurants spread across cuisines from around the world.
India has long held diplomatic ties with the UAE and is expected to be the biggest participant in the World Expo 2020. The Indian Pavilion embodies the four themes of culture, space, technology, and heritage. The pavilion stretches over 4800 sqm and will represent the 5 “Ts”, which stand for Talent, Trade, Tradition, Tourism, and Technology.
India has maintained a long history of trade and investment with the UAE, and this will further be accentuated at the World Expo 2020. The event will showcase the strong UAE-India trade that has seen booming growth in recent years. The UAE-India trade market was valued at 180 million dollars p.a. in 1970. In 2020, it holds a value of over 59 billion dollars. After China and USA, the UAE was the third-largest trading partner during 2019-20.
The UAE is one of the biggest exporters of crude oil and petroleum in the world, and India has been one of the major importers of oil from UAE. This has bolstered the Indian economy in areas of logistics, infrastructure, airports, food parks, defense, ports, and renewable energy. To exemplify, the Tea Board India, and the Consulate General of India, Dubai, held a virtual B2B meet to promote the Indian variety of tea among UAE beverage consumers.
Not only have both the countries taken huge strides in trade and investment, but have also agreed to expand their security cooperation and battle the COVID-19 pandemic together. The UAE has millions of Indians working in the UAE. And India has vested great interest in protecting the interests of the citizens in such trying times.
As UAE continues to outsource from India the manpower resources in fields of healthcare and food security, the Indian government continues to attract foreign investors from the UAE. This comes as no surprise that the World Expo 2020 is going to immensely boost the Indian economy and recover the GDP.
The world’s largest event, World Expo 2020, is the first ever event in the whole of Middle East to take place at such a large scale. This event will not only provide a platform for other countries to showcase their developments, but also will open doors to businesspersons and entrepreneurs looking to carry out new business setup in Dubai.
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