Amid trade and investment policies between India and UAE, we hope to see Indian exports touch USD one trillion in the near to medium term, said Union Commerce Minister Piyush Goyal.
While speaking at the India-UAE Partnership Summit, he noted that the UAE-India Comprehensive Economic Partnership Agreement (CEPA) has given a natural boost to key sectors such as food and agriculture products, as well as gems and jewellery.
“Our growing bilateral trade will play an integral role in the UAE’s efforts to double the size of its economy by 2033. The destinies of the UAE and India have been inextricably intertwined for centuries,” Goyal said.
The minister added that closer collaboration, trust and the spirit of entrepreneurship will create limitless opportunities for our economies, industries, cities and people, now and for generations to come. This is the vision that CEPA aims to turn into reality.
He also highlighted the various cooperation prospects, which include the rupee-dirham trade, the virtual trade corridor, the food corridor and leveraging UAE and India’s startup ecosystems.
Sectors such as textiles, green energy (wind, solar and hydro), connectivity infrastructure such as airports, ports and roads, as well as waste management, were also outlined as key areas of opportunity.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, revealed that the number of Indian companies that joined Dubai Chamber of Commerce in 2022 exceeded 11,000, bringing the total number of Indian companies registered with the Chamber to more than 83,000.
He noted that the membership growth reflects the strength of economic, investment and trade links between the two countries and the importance of economic partnerships in promoting future bilateral relations.