Newsletter Archives - Page 21 of 57

India, Newsletter, Oman

India Oman to Expedite Amendments on Double Taxation Treaties And Boost Bilateral Trades And Investments

November 11, 2020

In a bid to boost bilateral trade and investment, India and Oman during the ninth session of India -Oman joint commission meeting (JCM) reviewed the recent developments in businesses and trades and reaffirmed their commitment to expand bilateral trades and encourage businesses to invest in each other’s country to realize untapped potentials in commercial and economic relationships.

The ninth India-Oman CM was held in October 2020 through a virtual platform and was co-chaired by Hardeep Singh Puri, Minister of State for Commerce and Industry and H.E. Mr.Quis bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion of the Sultanate of Oman.

Bilateral trade between the two countries has increased to USD 5.93 billion in 2019-20 registering a growth of 8.5%. India -Oman agreed to cooperate in the areas of Agriculture and Food Security, Standards and Metrology, Tourism, Information Technology, Health and Pharmaceuticals, MSMEs, Space and Civil Aviation, Renewable Energy, Mining, Culture and Higher Education.

Indian companies are already invested in Oman and in Steel, Cement, Fertilizers, Textile, Cables, Chemicals and Automotive Sectors. There are already more than 4000 Indian business establishments in Oman with an estimated investment of 7.5 billion USD.

Company formation in Oman has been encouraged by the Oman Ministry of Commerce, Industry and Investment promotion and assured liberal benefits for Indian companies.

As per a press release, “Both sides also agreed to expedite their internal procedures for signing ratification of the protocol amending India-Oman Double Taxation Agreement and conclusion of the India-Oman Bilateral Investment Treaty.”

India and Oman reviewed and assessed the progress of the proposed MOUs in different sectors and mutually agreed to conclude them promptly. Indian representatives appreciated Oman for signing the International Solar Alliance Framework Agreement.

India has long been associated in business and trade with Oman and has enjoyed a friendly diplomatic relationship. Increasing bilateral trade and investment between the two countries and a strategic partnership reinforced a need to review and expedite the double taxation treaty and procedural amendments as appropriate.

The India Oman business ties have been robust and expanding for quite some time now and India is Oman’s one of the top trading partners. For Oman, India has been its third-largest source of imports and also the third-largest export market for its non-oil products.

Mr. Hardeep Singh Puri highlighted recent initiatives undertaken by the Indian Government for enhancing the ease of doing business in India and promoting business through Product Linked Incentive (PLI) schemes in various sectors. He also invited Oman business enterprises and Omani Sovereign Wealth Funds to invest in India.

Company formation in India has now become much simpler, transparent and less bureaucratic. IMC, a professionally managed and well-experienced business service consultancy group can help Oman business enterprises to set up companies in India and provide all necessary support from the start to end. IMC is based in one of the Indian metropolitan cities and also has well established operational setups in Dubai and Singapore.

Newsletter, Saudi Arabia

Saudi Arabia And The UN ITU Sign MOU to Collaborate on AI Optimization Globally

November 11, 2020

Saudi Arabia represented by the Saudi Data and AI Authority (SDAIA) and the International Telecommunication Union (ITU) of the United Nations has recently reached a Memorandum of Understanding (MOU) to collaborate on initiatives aimed at supporting, strengthening and optimizing the benefits of Artificial Intelligence (AI) for sustainable development globally.

During the Global AI summit hosted in Riyadh, the Saudi ITU MOU was signed on the second day for making AI best practices available to everyone on this planet. In this collaborative agreement, Saudi Arabia will support ITU in developing initiatives, activities and projects facilitating the UN Sustainable Development Goals (SDGs) through international cooperation, knowledge sharing and multi-stakeholder participation.

As per Saudi Press Agency (SPA), this MOU announced with ITU in a virtual ceremony organized during the Global AI summit 2020 will help to develop an internationally recognized system for mobilizing resources and providing assistance to institutions willing to adopt AI technologies. Dr. Abdullah bin Sharaf Al-Ghamdi, the President of the SDAIA welcomed this MOU as a significant step towards new investments and company formation in Saudi Arabia.

Al-Ghamdi said,” The ITU will share best practices in the field of AI with the Kingdom. This will help in shedding light on how to sponsor and support emerging companies and new incubators in the national space, especially as there is no official framework that currently exists to support the AI readiness of countries and international cooperation.” As per the President,” Around the world, nations have recognized the transformative potential of Artificial Intelligence and are preparing themselves to harness the benefit of AI to support their development strategies and goals.”

“With this announcement of this MOU, Saudi Arabia intends to support ITU to design activities that will help strengthen global efforts to use AI technologies for the advancement of sustainable development and growth. SDAIA has been established to drive AI programs in the Kingdom, and enable Saudi Arabia to become a global leader in AI. Through this partnership we will support the sharing of knowledge and experience among all nations, to further the use of AI for the benefit of humanity.” HE Dr. Al- Ghamdi highlighted.

In his address, the ITU Secretary-General Houlin Zhao said, ” AI is being used to tackle the world’s most pressing challenges, from climate change to the Covid-19 pandemic.” He also greeted the announcement of the MOU and said that the UN agency also looked forward to this partnership with SDAIA for developing initiatives and projects in AI technologies and promoting sustainable developments on a global scale.

The Secretary-General of the ITU also emphasized the importance of this collaborative agreement saying,” We dream of a world where nations harness the power of AI together, where we all exchange ideas and best practices, where we collaborate to unlock the full potential of AI. He also reiterated, “With AI impacting every aspect of today and tomorrow, collaboration is needed more than ever.”

Founded in 2019, the SDAIA is a world-class governing body to drive the Kingdom of Saudi Arabia’s AI innovations and ecosystems and also to lead AI optimization for global economic development and growth.

The Global AI Summit hosted by SDAIA is an international meet and brings the world’s important decision-makers, technologists and investors under a common Umbrella. Human welfare being the driving theme, this event recognizes the global disruption of the Covid pandemic and explores the transformative potential of AI and Smart Technologies to effectively handle the post covid new normal and make the world a better place to live. It is now evident that new AI startups and established global players will now be increasingly attracted to Saudi Arabia and look for how to open branch office in Saudi Arabia.

Newsletter, Singapore

Singapore and Germany Collaborate to Boost Digital Transformation of Businesses

November 11, 2020

Singapore is one of the leading nations in the World Digital Competitiveness Ranking in 2020 only being second to the USA. Even in 2019, it remained the second most digitally competitive country in the world. This international ranking is based on the ability of any nation to use digital technologies for promoting economic transformation in business, government and other social domains. There is a sizable increase in Foreign Direct Investment in South- East Asia with Singapore attracting the highest investment.

“The Post-Covid world will be characterised by a K-shaped recovery, with two types of economies: those that will recover quickly and those that will recover more slowly,” says Professor Arturo Bris, Director of the IMD World Competitiveness Centre. As per him,”

Recovery is driven by many factors, such as the health of public finances. But also, fundamentally, by the digital competitiveness of those economies”

Germany, on the other hand, has been the biggest contributor to technology and science over centuries; be it in physics, chemistry, cars and consumer products and given birth to most of the Nobel Laureates in Science in the world. Many EU funded projects are controlled and coordinated by German companies and research institutes today and highlight its science and technology innovation in diverse fields including Information and Communication Technologies.

Several initiatives recently announced by Singapore and German authorities will now provide multiple opportunities to the companies from both countries to work together and spearhead their digital transformation of various business processes.

A Memorandum of Understanding (MOU) jointly signed by Enterprise Singapore (ESG) and the Asia Pacific Committee of German Business (APA) on 15th of October, 2020 announced a series of initiatives to be undertaken jointly to support enterprise development through a transformation in sectors of common interest for the two countries.

The joint initiatives are launched to strengthen business ties and exchange technological know-how between Singapore and Germany. The Germany Singapore Business Forum (GSBF) organized twice over the last four years has also been a part of the initiatives. GSBF helped influence Singapore companies to take interest and explore potential business opportunities in Germany.

As part of agreements, ESG and APA will support enterprise development through industrial and digital transformation in sectors of mutual interest including advanced manufacturing, digitalization and innovation, medical technology and healthcare, and future of mobility.

The enterprise development will be realized through increased collaboration in open innovation and by jointly accessing market opportunities in Southeast Asia and Europe.

Under the MOU, a refreshed version of GSBF newly named as GSBF Connect will be jointly organized by ESG and APA to facilitate sector-specific and more frequent collaborations between the two countries.

GSBF Connect will now be sector-specific and will be held throughout the year with the first edition dedicated to the manufacturing sector and planned to run virtually. The second edition is scheduled to take place in December during the Singapore week of innovation and technology.

More than 400 companies from both countries have used this forum over the last four years. The Germany Business missions also increased from 13 to 22 between 2018 and 2019. Over 150 companies have been benefited in 2019 from different sectors such as advanced manufacturing, medical technology and healthcare, the future of mobility and e-sports.

Peter Ong, Chairman of ESG addressed, ” In this changing business environment, our enterprises need to connect with one another in more and better ways. Germany and Singapore are trusted partners who place a high emphasis on delivering quality and innovative products and services.”

“Singapore is attractive to German companies in several ways as a long term partner with whom new technologies and innovative business models can be developed, but also as an experienced bridge builder into the emerging Asian region.”, highlighted Professor Axel Stepken, co-chairman of GSBF connect and TUV SUD AG management board chairman.

Prof Stepken also said,” Singapore has a strong record as a leading Research and Development Hub and digital trendsetter, while German companies are known for their ability to manufacture state-of-the-art machinery and products. I still see many fields and sectors in which we can bring our specific strengths together.”

Singapore and Germany collaboration also include SME funding programme facilitating Partnerships e.g. Singapore firm Move on Technologies and German company Vanguard Automation.

A new four-way partnership was agreed on October 14th between Singapore Polytechnic, German testing, inspection and certification company TUV SUD, Delta Electronics and Singapore’s Smart Transformation Alliance (STA).

Partnering with Germany will inevitably lead to lower integration cost and fewer challenges in the deployment of more advanced automation systems for the Singapore’s local companies embracing industry 4 solutions and more number of foreign companies are expected to pour in for Singapore company incorporation.

Newsletter, U.A.E

UAE Offers Lucrative Business Opportunities to Indian MSMEs

November 11, 2020

The UAE Ministry of Economy has specially invited the Indian major chambers and business associations to explore investment opportunities in Dubai for MSMEs and other Industries and participate in the Digital Annual Investment Meeting 2020.

The Annual Investment Meeting (AIM) in the UAE, an initiative of the Ministry of Economy is the largest deal-making virtual platform where countries feature investment destinations at their locations and attract Foreign Direct Investments (FDI). The three-day digital event organized in a secured digital environment strengthens networking of investment experts and facilitates key investment strategies.

The theme of AIM revolves around FDI, Small and Medium Enterprises, Startups, Future Cities, Foreign Portfolio Investment and, the One Belt One Road and is held under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and the ruler of Dubai.

The UAE is all geared up to for the first virtual AIM 2020 connecting potential investment experts and business professionals and featuring Pre-conference Workshops, Opening Ceremony, Conference, Regional Focus Sessions, Digital Country Presentation, Exhibition, Digital Networking, Made in Series, Startups Pitch Competitions, AIM Awards, Investors Hub and many more.

AIM being a credible and globally prominent Investment Platform has been influential in extending needed resources for learning, showcasing, Investing, Recognizing and Networking and consistently attracted support and participation of Governments and Ministries from many countries over the world. It has also lured infrastructure and project authorities, financial institutions, sovereign wealth funds, venture capitalists, investment experts and professionals, private companies, international organizations and global investors from 140 countries.

Increased business revenues and profit margins are the major objectives for exploring international markets and besides, a presence in other countries also increases the customer base, distributes business risks, helps identify cost-effective global suppliers and recruit new talents.

Over the decades, Dubai has developed a made-for-trade business ecosystem that offers robust infrastructure facilities and a transparent regulatory environment conducive for business growth and success.

Dubai is also a strategic business location with excellent connectivity with India that facilitates India’s exports from SME and MSME sectors to other countries. Company formation and business set up in Dubai are also very simple and free of bureaucratic interventions.

The Dubai Multi Commodities Centre (DMCC), established in 2002 as a free zone commodity marketplace in the heart of Dubai has already attracted more than 17000 global companies, SMEs, and Startups as their second home. Considered as the most prestigious free zone in the UAE for setting up businesses, DMCC has bagged “Global Free Zone of the Year ” five years in a row by Financial Times FDI Magazine. This Free Zone in Dubai is truly remarkable and can be the best place for the Indian Companies to set up businesses in the UAE.

With the Diplomatic Breakthrough with Israel, the UAE will also offer innumerable opportunities in high-end technology, e-commerce, healthcare and renewable sectors to the Indian Industries. The ports and logistics capabilities of both India and the UAE can also be instrumental for ensuring end-to-end integrated supply chain solutions for business growth.

Should Indian business entities want to start a business in the DMCC Free Zone, IMC is always at their service to get started with the right tools and expertise. DMCC Company Formation is always an easy and affordable task with IMC providing the expert and professional support throughout the company formation.

Newsletter, U.A.E

UAE Post Covid Economy is all Poised for a Bounce Back In 2021

November 11, 2020

In every possibility, the UAE’s economy will make a modest comeback in 2021. With the global economy recovering from the severe damages of the Covid 19 pandemic and assuming that the global World Expo takes place as scheduled with the motto of “Sustainability, Mobility and Opportunity”, the projected economy is all set to rebound with more than 3 % increase in its GDP.

UAE is the most developed and diversified economy in the Middle East, Africa and South Asia (MEASA) region and handled the covid pandemic much effectively and decisively in comparison to many countries in the world. The covid cases have been greatly contained by enforcing personal hygiene, ramping up testing capacity and spending heavily in covid public welfare and vaccine development.

Though lockdown of global economies caused a significant drop in oil prices and badly affected the aviation industry, UAE will not be impacted that severely like other oil-producing countries because of the diversified nature of its industries and continued Government support for small and medium enterprises. The business outlook in the UAE is much more promising than other regional players with more than 100 Government initiatives already launched and is still the most attractive nation for a Dubai Company Incorporation.

The Positives for the UAE’s Economic Recovery

Despite many short term challenges, the long-term economic outlook of the UAE can be extremely lucrative for new businesses and industries willing to take advantage of new opportunities with well-planned strategies and risk management. The oil and gas; power and water; petrochemicals; transport; construction and renewable sectors are the major business sectors that could offer plenty of openings for business growth and developments.

With more than $868 billion of projects already planned and underway and $132 billion under execution, the UAE will be one of the largest project markets in the Middle East and North Africa.
The postponed Expo 2020 will heighten the post covid business enthusiasm in the UAE.
The UAE is well considered as the global transit hub and when travelling resumes in 2021, there will be a huge increase in the number of business and tourists.
Abraham Accords has been signed in September 2020 and a diplomatic breakthrough reached between the UAE and Israel which promises an increased cross border investments in the areas of technology, tourism, security, health care and water with Israel and expansion in the UAE market.
The Fintech sector has been well supported by the UAE Government and will be instrumental in future business growth.
There has been improved domestic demand and consumer spending backed by the UAE’s large expatriate community after many months of covid restrictions.
Reduced oil prices and covid induced drop in GDP will give rise to more than 8% fiscal deficit. However, the fiscal deficit will not pose a serious concern and could be easily financed considering huge assets held with the Sovereign Wealth Funds.
Separate measures have been taken by the UAE free zone authorities e.g. the DIFC.
Many business support initiatives from the UAE government for the SMEs with tax relief, incentives and filing extensions.
AED 1.5 billion economic stimulus package from the UAE Central Bank.

Opportunities in Project and Other Sectors

More than $672 billion worth of projects are in the pipeline in the UAE out of which $417.7 billion is in the construction sector only and the remaining $ 95.3 billion in oil & gas and $ 82.9 billion for transport.

The other industries gaining momentum in demand are food, medical equipment, health care, pharma, e-commerce, delivery services and telecom and will offer tremendous business opportunities to potential investors.

IMC has a local presence in the UAE and can provide you with every support in your new Dubai business ventures with extensive knowledge and know-how on new business set up in Dubai.

Newsletter, U.A.E

Diplomatic Breakthrough Will Open Floodgates Of Opportunities in UAE Israel Cross Border Investment

November 11, 2020

Recent diplomatic breakthroughs between the UAE and Israel have come as a boon for the UAE and Israeli businesses, and also to the other business communities in the MENA and the MEASA regions.

The UAE and Israel signed an agreement in August, 2020 and as per this agreement, the UAE and Israel will establish full diplomatic relations and the UAE becoming the third Arab nations, besides Egypt and Jordan, to fully recognize Israel.

On 20th August 2020: the UAE President Sheikh Khalifa Bin Zayed Al Nahyan issued Federal Decree-Law Number 4 of 2020, abolishing a ban on business and trade dealings that was in force since 1972.

“Trade and investment prospects for the UAE and Israel are a ‘dividend of peace ‘ that will strengthen the newly forged ties between the region’s two most innovative economies,” said Abdulla Bin Touq, the UAE Minister of the economy.

“The prospects of trade and commerce between Israel and the UAE are exciting for both countries,” Mr Bin Touq said in an online seminar organized by the US-UAE Business Council. He also highlighted that the two most powerful economies now trading and working together will give rise to endless economic growth possibilities in the region.

The UAE has long diversified from the hydrocarbon-based economy prevailing in the Gulf region and despite having the 8th largest reserves of oil, only derives 30% of its economic output from oil and remaining 70% coming from fintech and financial services, innovation and technology, construction and real estate, and defence.

The UAE is also a strategically located nation connecting the East to the West with developed logistics support of free zone ports and two reputed Airlines, Etihad and Emirates. It is also a very progressive economy with high levels of foreign investments, extensive double taxation treaty arrangements and business digitalization, and has already established itself as a world-class hub for global businesses and commerce.

Dubai International Financial Centre (DIFC), the special economic free zone with its independent regulatory framework and judicial system, and 100% foreign ownership of companies have given the global economic prominence to the UAE. It is considered as one of the leading financial centres in the world and ranks 14th in the Global Financial Centres Index and higher than Frankfurt, Paris, Zurich, Chicago and Luxembourg.

DIFC, as a free zone is one of the most lucrative business destinations for foreign multinational business entities today and many startups, and established businesses are opting for DIFC company formation.

There are many special economic free zones in the UAE and especially in Dubai accommodating businesses from different sectors such as healthcare, media, technology, logistics and others. The UAE Government with a futuristic mindset also offers lots of incentives to prospective entrepreneurs for the business setup in Dubai.

Israel is an economically developed and technology-driven country with a free market economy. The country ranks first in the availability of scientists and engineers, the number of startups per capita, and venture capital investments per capita. It is considered a high-income country by the world bank.

There is immense potential for business opportunities and economic cooperation between the UAE and Israel in various sectors including logistics, aviation, Agri technologies, green and renewable energy, and food and water security.

The UAE was looking at eight trade and economic agreements with Israel including double taxation and free trade agreements before signing the Abraham Peace Accord in Washington.

Mr. Bin Touq said, “we are already seeing reports of Israeli firms signing deals with Emirati firms and we anticipate a host of joint ventures in almost all sectors.”

This diplomatic peace accord between the UAE and Israel has been an unprecedented and remarkable move in promoting business and humanitarian development in the Middle East region and the overall prosperity of mankind.

It was a memorable day when the first UAE Israel linked commercial flight landed in Abudhabi on 31st August.

Innumerable benefits in cross border trade and investment and in sectors related to health and pharma, tech and innovation, tourism and travel, and agricultural technologies exists between the two countries and will prosper with each passing day. Even Israel will benefit greatly from secure energy supplies from the UAE.

It is hoped that more Gulf countries follow suit and take the path of normalizing relations with Israel for a better cause of wealth creation, peace and harmony, and sustainable development of our world population.

Newsletter, U.A.E

DIFC DFF Collaborate for Making 10x Dubai, The Leading City in the World

October 12, 2020

“Dubai International Financial Center (DIFC) is a special economic free zone in Dubai and founded in 2004. It is the financial hub for the Middle East, Africa, and South Asia (MEASA) markets. DIFC has a large business community with its own independent regulatory framework and judicial system.”

“Dubai Future Foundation (DFF) is a government foundation established in 2016 that aims at shaping the future of the strategic sectors in cooperation with the government and private sector entities by endorsing innovative capabilities and launching Initiatives.”

DIFC signed a memorandum of understanding (MOU) with DFF in September 2020 in order to reaffirm its commitment to driving the future of finance.

The agreement between two futuristic government bodies will advance and boost the innovation agenda within Dubai and engage the financial technology community through setting the stage to enable and support growth opportunities and appropriate training activities. DIFC’s priorities and DFF’s mission aligns perfectly to collectively imagine, inspire, and design Dubai’s future.

The financial services sector is the 3rd largest contributor to Dubai’s GDP and is expected to grow steadily as DIFC becomes a major part of the Dubai future district, the region’s largest future-focused district. Companies looking to establish businesses in DIFC must apply for registration and necessary permission for DIFC company formation.

The key initiative for Dubai’s future district is DIFC’s innovation license for startups for boosting innovation, creativity, and entrepreneurship. DFF will actively support this program of the DIFC Innovation License. This shows the commitment of DFF to closely work with DIFC in furthering the future of finance in Dubai.

This will usher the combined technology acceleration program and facilitate identification and support for blockchain and AI-driven startups to put these initiatives on a high and aggressive growth path. The combined move will bolster the 10X Dubai vision enabling the Dubai government to be 10 years ahead of all other cities by adhering to disruptive innovation.

The MOU signed between DIFC and DFF also highlights the launching of technical training programs at DIFC Academy, including coding courses like Full-stack Web Development and App Development. These training programs will ultimately support DFF’s 1 million Arab coders initiative, launched by Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Apart from training, the two forward-looking government bodies will also collaborate on Research and Development activities with leading research and technical institutions.

Arif Amiri, the CEO of DIFC Authority, described the recently signed MOU by saying, ” As the leading financial hub in the MEASA region, our eyes are firmly on the future. We are committed to driving the growth in the finance sector by embracing innovation, technology, and training.”

Arif Amiri also said, ” Investing in Human Capital initiatives with the Dubai Future Foundation is incredibly important. It underscores our long term commitment to make Dubai a leading business city of the future aligned with the national government agenda. Together, we can ensure Dubai’s sustained prosperity and accelerate the Emirate’s development journey.

“We look forward to combining forces to drive the future of finance.”

Khalfan Belhoul, Chief Executive Officer of Dubai Future Foundation, stated, ” Through our strategic partnership with DIFC, we are confident that the positive outcomes would create impact not only for the respective organizations but also for the region and its economic growth.”

Khalfan Belhoul also said, “By working closely with DIFC, we seek to accelerate business opportunities for the region, attract startups and talents, employ innovation and technology to further- enhance and generate a robust financial sector and provide the right tools and skillset to enable a future-ready generation.”

He described the MOU saying, “This partnership is a testament of our unified vision and commitment to positioning Dubai as a knowledge-based economy and to the pivotal role the UAE plays in driving its financial industry globally.”

DIFC is the largest and most advanced fintech hub in this region, transforming and diversifying the financial services industry. The continued focus on innovation in the fintech sector is acting as the backbone of Dubai’s ambitious and aggressive growth plan.

DIFC houses more than 200 fintech establishments, which enjoyed rapid growth during 2018 and 2019. DIFC focuses on and closely works with regional and international stakeholders in developing a solid digital infrastructure to mark its presence as the regional financial center.

DIFC has a global financial exchange and access to funding. It offers a dynamic business environment with a skilled workforce and vibrant business community much conducive for new business set up in Dubai.

India, Newsletter

India offering numerous post-Covid business opportunities for British Companies, says Indian Foreign Secretary Harsh Vardhan Pingla

October 12, 2020

Indian Foreign Secretary, Harsh Vardhan Pingla claimed that India is offering numerous business opportunities for British Companies in the post Covid period.

Indian Foreign Secretary, in his inaugural address at Confederation of Indian Industry’s 125th Annual Conference in the UK, ” A New India-UK Economic Partnership in a New World: Lives, Livelihood, and Growth” affirmed over a virtual platform on 15th of September, 2020.

Mr. Harsh Vardhan highlighted that many reforms have been initiated in India during the post Covid period and in the areas of Infrastructure, Taxation, Aadhar, Mobile connectivity, Agriculture, and JAM Trinity. The policy and structural reforms so undertaken have made India one of the most preferred foreign investment destinations attracting new companies to India.

As per the Indian Foreign Secretary, even during the Covid pandemic, India has received $20 billion foreign direct investment amidst the slowing global economy. He invited UK business houses to take advantage of the recent reforms and set up businesses in India. With reforms in place, India company formation has become an incredibly fast and easy process.

In the inaugural session, the foreign secretary described the Covid outbreak as a distinct opportunity to transform India into a manufacturing base from a passive market in the past. As per him, there are opportunities in pharmaceuticals, vaccines, services, and manufacturing where India and the UK can work together. He highlighted India and the UK’s economic synergy and claimed that products designed in the UK can be profitably manufactured in India.

Indian high commissioner to the UK, Gaitri Issar Kumar, stressed that India and UK have a long and proven trade and investment eco- system, and sought UK India partnership when global supply and value chains are in total disarray. She addressed the participants saying the UK has always been a ready partner of India and mutually cooperated in many areas, especially in generic pharma, API and medical instruments manufacturing, and building health infrastructures. She also emphasized that India and the UK can work together in other areas, including financial technology, renewable energy, defense, and electronics manufacturing, and information technology.

President of Confederation of Indian Industry (CII), Uday Kotak, discussed India’s foreign direct investment and said India is the second-largest FDI contributor to the UK. He also informed that the UK is the 6th largest FDI contributor for India. Mr. Kotak also reiterated the need for the hour through a focus on managing growth, lives, and livelihoods while considering the challenges associated with life after a pandemic.

Chandrajit Banerjee, Director General of CII, highlighted that Brexit is around the corner, and there is an immediate need to discuss the business partnership between India and the UK. He emphasized on free trade and comprehensive economic agreements. The Director-General also mentioned a trade war and growing tensions between America and China, and its deadly impact on global supply chain necessitates strong business ties with the UK for mutual growth and economic recovery and development.

Newsletter, U.A.E

Post-Covid Economic Recovery-Dubai Chamber and Canadian Consulate Meet on Collaborative prospects in Digitalization, Logistics, E-commerce, Life Sciences, and Sustainable Technologies

October 12, 2020

A high-level meeting through video conferencing was convened between the Canadian consul general in Dubai and the Dubai chamber of commerce and Industries on 7th of September, 2020 towards post covid economic recovery through collaborative efforts in digitalization, logistics, e-commerce, life sciences, and sustainable technologies.

H.E. Hamad Buamin represented the Dubai chamber of commerce and industries as President and CEO, and H.E. Jean-Philippe was present as Canadian Consulate General in Northern UAE.

Both leaders reflected upon the rapidly growing trade and business relationship between UAE and Canada, emphasizing Dnata launching ground handling operations in Vancouver Airport and D.P. world’s $ 8.2 billion co-investment platform with Canada’s pension fund, Caisse de depot et Placement du Quebec for expanding its global port and terminal operations.

H.E.Buamin, on behalf of the Dubai Chamber of commerce and industries, reiterated Dubai’s huge incentives offering a great competitive advantage to foreign companies and investors for their Dubai Company Incorporation and enhancing Dubai’s credibility in value proposition in recent times. He also praised the Dubai government’s rapid and proactive response in addressing post covid challenges and speeding up digital transformations to facilitate businesses smoothly sail through post covid situations.

H.E. Buamin described Canada as the UAE’s strategic business partner. He also highlighted Dubai as one of the most preferred global investment and business destinations, frequently leveraged by Canadian business enterprises.

Canadian Consulate General, H.E. Jean- Phillippe Linteau heavily admired the Dubai chamber of commerce and industries for its leadership role in promoting Dubai as the most sought-after global business center, especially during post covid period. He also highlighted that increased digitalization in Dubai certainly helped in post covid period and narrowed down the geographical distance between Dubai and Canada. He also clarified that Dubai has already been regional headquarters for many Candian business houses as one of the most lucrative business destinations in the world and the numbers of such regional Canadian business headquarters with business set up in Dubai would only grow in recent future owing to the strong and ever-increasing business ties and bilateral relations between the two countries.

The Consulate General of Canada, H.E. Jean- Phillippe Linteau, also expressed his desire and put his hopes for increased Dubai-Canada bilateral and business ties in more strategic areas of energy, infrastructure, and life sciences. As per him, the two countries Dubai and Canada, are truly committed and should work together during the post covid era for establishing a robust, more resilient global economy.

H.E. Hamad Buamin seen equally enthusiastic who put his entire trust on the great potential of Canadian business entrepreneurs and their Dubai based business counterparts to focus and innovate on high and smart technology areas very rewarding for both countries and ultimately for the entire globe.

Dubai UAE has always enjoyed a great relationship with Canada since 1974, the year UAE got independence and strived towards improving business and bilateral relationships with Canada. UAE and Canada have deep business, and bilateral relationships mainly focused on building upon the prosperity of two societies, strengthening global and regional security, and effectively contributing to the economic and social development of third world countries and empowering women.

Newsletter, Singapore

Singapore is instrumental in attracting the highest Fintech Investment amongst all Asian countries

October 12, 2020

Singapore, a tiny nation and the city-state in Southeast Asia, has become one of the world’s most promising economies today. The economic policies and structures implemented during the middle of the 20th century have started delivering results in the 21st century. A nation almost without any natural resources and ranked 171st in area wise global ranking, Singapore is considered as the most attractive place for work and business with a high standard of living.

The Singapore economy is mainly dependent on manufacturing industries and the export of electronic products. However, financial technology and tourism space are also fast progressing and attracting lots of foreign investments.

Singapore is the economic center in the Asia Pacific region and is ranked as one of the leading nations in economic freedom. It is also recognized as the second most investor-friendly state by the World Bank. Company formation in Singapore is easy and free of bureaucratic hassles.

Factors responsible for the highest growth and investment in Singapore’s Fintech Industry are as follows.

Low Taxes

Singapore has very low tax rates and offers several tax incentives and tax exemptions to the investors. It also follows a forward-looking diplomatic foreign policy and has entered into a Double Taxation Treaty with more than 90 countries, further offering tax reliefs on foreign income sources. It is one of the primary reasons that fintech investors are attracted to Singapore as a tax haven.

Large Mobile Base

Digitalization is the future and has become more so post coronavirus pandemic. Singapore has a huge mobile base, with more than 82% of the population as mobile subscribers. As most fintech businesses are heavily dependent on mobile phones, a large mobile subscriber base helps attract more fintech investments in Singapore.

Success Stories of Local Startups

Successful local startups are also inspiring potential fintech investors to come and establish companies in Singapore. In addition to providing e-transactions platforms to their consumers, local startups offer solutions for lowering the cost of money transfers, digitalization of documents, and cryptocurrency transactions, including digital money-raising platforms. Many more fintech startups are looking for their Singapore company incorporation.

Networking Platforms

Singapore is a great place for networking, and good networking is the essence of innovation and growth of the fintech industry business. Singapore Fintech Festival is a venue where participants from all over the world come and share their experiences and innovative ideas related to financial technology and business. The recent Fintech Festival attracted more than 40,000 participants from over 100 countries who used it as their deal-making platform for future fintech businesses and investments.

Accessibility to testing and implementation

Singapore, the financial hub in Southeast Asia, is surrounded by countries that are not as developed as Singapore. These surrounding developing countries often serve as a testing and implementation grounds for Singapore in innovative financial solutions. The neighboring countries indirectly help Singapore in developing new technologies related to financial services or fintech industries.

High standard of living

Singapore is a rich nation with an average per capita GDP of $ 64,000. Most of its residents are well off and educated. It is thus imperative that an economy with so much money available in the system and aided by high technology and digitalization can propel the fintech business.

B2B business climate

B2B transactions involve two companies rather than a company and an individual. The B2B sector is highly developed in Singapore that handles corporate to corporate transactions. Compared to B2C, B2B transactions are more complex and involve more paperwork, e.g., digital signature. Lots of new fintech startups are offering B2B transactions and choosing Singapore as the most logical destination.

Government Policies and Support

Fintech is one of the smart strategies of the Singapore Government. Sector-specific strategies are being incorporated in Singapore to boost sectoral fintech businesses and investments. “Fintech Fast Track Initiative ” and ” Smart Financial Center ” are part of this wider strategy of propelling sector-specific fintech business. Singapore Fintech Association, a non- profit platform facilitating fintech collaboration, and Singapore Fintech Festival, a widely recognized event, is also the Singapore government’s brainchild. With so much government support complemented by simple and transparent government business policies, Singapore is rapidly climbing up the global fintech investments.

Key Takeaways

Singapore, known as the Financial capital of Southeast Asia, has developed high technological capabilities; strong, simple, and investor-friendly regulatory framework and, highly skilled and educated workforce. These three attributes are mainly responsible for fintech business growth in Singapore, providing innovative solutions to both consumers and financial services industries.

Many reports and rankings worldwide showcase Singapore as a nation with the highest potential for growth in the fintech sector. Singapore ranked 6th in the latest Global Financial Centres Index and rapidly advancing forward to catch up with the UK and USA.

A finer balance and closer alignment between innovation and regulation will surely take Singapore’s fintech business to the next level.

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