India and UAE have “huge potential” for mutual trade and investment, says Indian minister
The UAE and India share many strengths and can work together to serve the world, said Union Indian Minister Piyush Goyal, visiting the UAE.
The minister said the two countries share a “natural partnership” which can create win-win situations in terms of opportunities and employment.
“Investing is a big area where we can expect to work together in a big way. Over the years, the UAE has developed capabilities in industries where low cost energy can help India develop quality products at very attractive prices. And so, I believe it’s a natural partnership that should benefit both countries; provide opportunities for people from both countries; offer huge employment opportunities, especially in labor intensive sectors like textiles, footwear, food processing, ”Goyal said at a press briefing at the Indian consulate on Saturday to Dubai.
“India and the United Arab Emirates share a lot of complementarities. We are not in competition with each other. We can really work together to serve large parts of the world. There are many areas of collaboration, such as textiles, leather, accessories, footwear, pharmaceuticals, healthcare, ”said Goyal, who is also Minister of Trade and Industry, Consumer Affairs , Food and Public Distribution and Textiles.
He also explained how India and the United Arab Emirates have “huge potential” for mutual trade and investment.
The two countries have started formal negotiations for a comprehensive economic development agreement to jointly exploit global opportunities, and the UAE has said it wants to be part of the 1,000 export target. billion dollars from India.
India is the UAE’s third largest trading partner with $ 60 billion, after China and the United States. The United Arab Emirates is India’s second largest export destination (after the United States) with a value of nearly $ 29 billion for the year 2019-2020.
For the United Arab Emirates, India is the second largest trading partner for 2019 with an amount of around $ 41.43 billion (non-oil trade), according to figures released by Indian missions in the country.
Goyal said the response he received from UAE businessmen he met on his current trip was “really fabulous.”
“The excitement I see and the potential shown by all interested parties – the people who import goods and services from India to the businessmen I met at the inaugural event (from the Indian pavilion to Expo 2020) and at dinner last night… everyone seems to love India, ”Goyal said.
He said businessmen have shown considerable interest in investing in Indian gems and jewelry, agribusiness and infrastructure development projects.
With the UAE pledging to invest $ 75 billion from its sovereign wealth funds, in addition to other trade initiatives, the minister said India was on track to meet its export targets.
The minister said that the UAE and India are also teaming up to tackle the challenges of climate change and manufacture equipment for solar batteries.
Naming the Indian sectors that can contribute and complement the economic growth of the UAE, Goyal said that Indian leather accessories, footwear, pharmaceuticals and healthcare have huge potential, as well as the technology sector like provision of computer software and services.