Union Minister of Commerce & Industry, Piyush Goyal, announced today that India and the United Arab Emirates (UAE) are aiming to expand their bilateral trade to an impressive US$ 100 Billion. This revelation came during the ‘UAE India Business Summit’ at the 10th edition of the Vibrant Gujarat Global Summit, held in Gandhinagar, Gujarat.
Highlighting the diverse nature of the India-UAE partnership, Goyal emphasized collaborations in space exploration, security, education, and climate action. He noted that both nations are actively seeking innovative propositions from industry and business to further strengthen their ties. Bilateral trade has seen a notable increase under the India UAE Comprehensive Economic Partnership Agreement (CEPA).
Key collaborations were underlined, including the India-Middle East-Europe economic corridor and initiatives promoting Rupay to facilitate direct trade between the Indian rupee and the UAE dirham.
Expressing delight at the prospect of deepening bilateral relations, Minister Goyal underscored the significance of the UAE India Business Summit, describing it as a platform to unlock the vast potential inherent in the partnership. He commended the exceptional leadership of UAE President H.H. Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi for elevating the relationship between the two countries.
The Minister envisioned the India-UAE partnership as a defining alliance of the 21st century, rooted in shared history and aspirations for mutual progress. He expressed gratitude to UAE Minister of State for Foreign Trade, H.E. Dr. Thani bin Ahmed Al Zeyoudi, and Chairman and CEO of DP World Group, Sultan Ahmed bin Sulayem, for their contributions to fostering the enduring friendship.
Minister Goyal acknowledged the pivotal roles of these leaders in bolstering the UAE-India business relationship, highlighting the plan to establish a Bharat Park in the Jebel Ali Free Zone under Sultan Ahmed bin Sulayem’s guidance. He expressed confidence that this initiative would open myriad opportunities for international trade between the two nations, significantly elevating India’s global visibility.
The Minister also praised the efforts of Yousuf Ali Abdulqader, Vice Chairman of the Abu Dhabi Chamber of Commerce, in fortifying bilateral ties, citing significant investments in India’s growth story, such as the establishment of a shopping mall in Kashmir.
Acknowledging burgeoning defense, cultural, and economic relations, Minister Goyal lauded the UAE’s political stability, business-friendly policies, and infrastructural advancements as conducive factors for mutual growth and prosperity. He specifically commended Dr. Thani’s leadership in chairing the WTO Ministerial Conference 13 to be held in Abu Dhabi in February, assuring India’s full support for its success.
Citing India’s demographic advantage and its young, aspirational population, Minister Goyal invited investors to participate in India’s growth story, underscoring the nation’s potential to offer substantial returns and contribute to the dreams and aspirations of its 1.4 billion people.