UAE-India trade on track to exceed US$100 billion by 2020
Indian Prime Minister Narendra Modi, recently met with the visiting HE Dr Thani Bin Ahmed Al Zeyoudi, UAE Minister of Climate Change and Environment, and HE Dr Ahmed Al Banna, the UAE Ambassador to India.
The meeting took place on the sidelines of the ninth edition of the Vibrant Gujarat Global Summit that drew the participation of a high-level UAE delegation, led by Dr Al Zeyoudi.
In his keynote address at the Summit’s inauguration ceremony, Dr Al Zeyoudi observed that the UAE and India enjoyed long-standing and cordial relations across multiple fronts. Bilateral trade is valued at US$ 180mn per annum in the 1970s, the balance of trade volume between India and the UAE is now worth US$57bn, making India the largest trading partner of the UAE.
2018 saw a flurry of investments by UAE companies in India, and the UAE-India relationship has entered a vibrant growth phase with bilateral trade on track to exceed US$ 100bn on by 2020.”
At the Vibrant Gujarat Global Trade Show, held on the sidelines of the summit, Dr Al Zeyoudi, accompanied by Dr Al Banna, inaugurated the UAE pavilion and viewed the products on display.
“UAE investments in India are valued at an estimated US$ 8bn, of which US$ 5.33bn is in the form of foreign direct investment, while the remaining is portfolio investment, making the UAE the 10th biggest investor in India in terms of foreign direct investment. The UAE’s investments in India span multiple sectors, most notably the services sector, power, construction development, air transport, food, and hotels and tourism,” noted the Minister.
Data released by the UAE Federal Competitiveness and Statistics Authority indicates that the total foreign direct investment from India to the UAE amounted to over US$ 6.5bn.”
Organised by the Government of the western Indian state of Gujarat, the Vibrant Gujarat Global Summit 2019 ran for a three-day period from January 17 to 19 in the state capital of Gandhinagar under the theme ‘Shaping a New India’.
