Abu Dhabi: India and the United Arab Emirates have great potential to collaborate and explore investment opportunities in developing special economic zones, said Ramy Jallad, the group CEO of Ras Al Khaimah Economic Zone (RAKEZ).

Speaking to ANI on the sidelines of the launch edition of the Global Media Congress in Abu Dhabi, Jallad said, "I think in investment, UAE and India have been trading partners for so many decades right now and very strong trading partners. I think there is an investment opportunity on both sides".

He added, "I know what investment opportunities exist in Ras Al Khaimah and we have a lot of Indian entrepreneurs who are coming to invest in manufacturing high tech, the new web3, digital transformation, manufacturing, life sciences, pharmaceuticals, real estate development, schools and education which is very important."

Jallad said that Indian investors have a great opportunity to invest in the education sector.

He added, "We see a lot of demand for Indian curriculum education because there is a big population of Indians that really want their children to be in the best schools but again not necessarily travel to India, so I think that's a business opportunity and investment opportunity for the Indian educational space".

As the world economies are still recovering from the pandemic, RAKEZ chief believes that many new industries are emerging and there are brighter chances to collaborate.

He said, "Covid has changed the world. I think many new industries and emerging industries have come up, especially in life sciences, and lifestyle businesses. A lot more SMEs (Small and Medium Enterprises) and entrepreneurs are entering the business world right now post Covid. So, I think there is a great opportunity for having a lot more SMEs and entrepreneurs come out and collaborate with the entrepreneurs and SMEs that are large industries that are here or in India whether they can collaborate together and regrow the business opportunities".

Jallad said that sister agreements with economic zones between India and UAE will help develop businesses in both countries.

He said, "There is no doubt that economic zones anywhere around the world are major contributors to that specific country's GDP. In the UAE and Ras Al Khaimah, we have been doing it very well. We have economic zones that cater to many Indian investors, manufacturing and SMEs. Similarly, in India, you have special economic zones that cater to verticals such as pharmaceuticals, such as IT and technology".

"So, I think we need to have sister agreements with economic zones where we can start having networking events, collaboration events and matchmaking opportunities between the different companies that are in all these economic zones in India and in Ras Al Khaimah's Economic Zone (RAKEZ), Jallad told ANI in an interview.

Established in 2017, RAKEZ currently houses over 14,000 multinational companies from more than 100 countries covering over 50 industries, making it one of the largest economic zones in the region.

RAKEZ uniquely offers free zone and non-free zone entity formations and provides its clients easy access to fast-growing markets in the Middle East, North Africa, Europe, and South and Central Asia through the major logistical hubs available in the emirate.

These include five seaports, an international airport and multi-lane superhighways.