DuBiotech & EnPark delegation visit India, promoting bilateral trade relations with UAE
The delegation, which included members from Dubai Exports, communicated how the growing Indian pharmaceutical and biotechnology sectors can hugely benefit from the UAE’s free zone structure and tap into the flourishing GCC market using the UAE as its central hub.
The Indian pharmaceuticals market is the third largest in terms of volume and thirteen largest in terms of value. The industry is further estimated to grow at 20 per cent compound annual growth rate (CAGR) over the next five years to US$85B by 2020, as per India Ratings, a Fitch Group company. Whilst the Indian biotechnology sector is further expected to grow from the current US$5-7B to US$100B by 2025 by doubling the growth rate of this sector from 15 percent to 30 percent, according to the Association of Biotechnology Led Enterprises (ABLE).
Speaking on the occasion, Mr. Marwan Abdulaziz, Executive Director, said: “The UAE and India share a longstanding relationship and are both growing at exponential rates.
“GCC countries are expected to see an average economic growth of 4.1 per cent in 2015 on the back of robust non-hydrocarbon activities and large budget surpluses, according to a report by The Coface Group. This shows great promise in a largely untapped market for Indian companies, and we are excited to offer world class facilities for Indian companies looking to establish a Middle East hub with a presence in the UAE.
“We already host over 10 Indian firms within our free zone. In the future we look forward to building great business partnerships and being a part of the Indian growth story.”
Dr. Ashraf Ali Mahate, Head of Export Market Intelligence, Dubai Exports added: “At Dubai Exports we develop long-term growth strategies to expand businesses and maximise the opportunities given by Dubai’s unique position as a natural trade gateway between the East and West. India firms have huge potential in the GCC market, and free zones such as DuBiotech and EnPark can provide the perfect base for companies to invest and grow in the region.
“There are over 475 flights per week between various destinations in India and the UAE. DuBiotech and EnPark are strategically located to offer a gateway to a combined Middle East market, with a GDP of US$1.8T growing at over 5 per cent annually.”