UAE is trying to emerge as a driver of markets vis a vis North America and Europe. Here is a comparison with Canada in this interaction with Manoj Soni, CEO, Harmonizer India.
How is the market situation in UAE and Canada for the entrepreneurs? What facilities and benefits do these countries offer to the entrepreneurs? How difficult is it to do business from UAE and Canada?
Manoj Soni – There are a lot of opportunities in the market for the entrepreneurs both in UAE and Canada. Government’s funds and incentives to nurture and grow new businesses has encouraged innovators and entrepreneurs to step forward and take advantage. The UAE government has announced special stimulus packages specifically for the start-up ecosystem to help entrepreneurs plan for new business opportunities after the pandemic.
People who lost jobs during the pandemic have the opportunity to start their businesses as it is cheaper to set up and get started now, as business license fees have been slashed, rents have gone down and manpower is easier to come by during this time. With all the schemes and funding provided by the government doing business from UAE and Canada is quite efficient and profitable.
How has the lockdown challenged the markets in UAE and Canada? What is the current and near future scenario?
Manoj Soni – Growth prospects during a pandemic are quite challenging due to severe financial crisis and consumers not willing to try new products and services put forward by the innovators. Also getting funds for R&D is tougher in this phase of pandemic. Lot of operational challenges have been faced by all the sectors. Current scenario of the market is slightly towards growth, coming up with opportunities in the near future.
What is the sustainability quotient in your power related offerings?
- Transforming the electricity tariff from kWh to kVAh.
- Focus of industry on reducing energy cost.
- Increasing reliability of electrical network and assets
- Enhanced techniques and features for safety concerns
- Emphasis on production down time caused due to power quality problems.
What is the demand graph of sustainable power solutions in India, UAE and Canada, especially in the IT Sector?
Manoj Soni – Indian IT industry has grown exponentially after 1991- 92. It accounts for approximately 55 percent of the global service sourcing market (USD 200-250 billion) in 2019-20. The revenue is expected to grow in the coming years with an accelerating growth rate and expected to reach 350 billion US dollars by 2025. IT Industry adding a significant share to India’s GDP this year is expected to increase to 10% by 2025.
Demand for power in UAE has risen from the last year. The country has witnessed a strong growth in electricity consumption at an annual rate of 5% over the past five years. The power market is expected to grow rapidly at a rate of 6% during the forecast period 2020- 25. The IT sector makes a substantial growth to Canada’s GDP. Recently the sector grew by 4.8% outpacing the Canadian economy growth of 1.5% by over three percentage points.