UAE-India bilateral trade reaches $60b in 2018-19
The UAE has become India's third largest trading partner after the US and China as bilateral trade hit $60 billion during financial year 2018-19, said Navdeep Singh Suri, Ambassador of India to the UAE.
While addressing a forum in Dubai, the ambassador said that exports from India to UAE totalled $30.2 billion while exports from the UAE to India reached $29.8 billion. He was of the view that the numbers are poised to grow significantly in coming years.
Bilateral trade between the UAE and India had grown from $52 billion in 2017 to $57 billion in late 2018. The two nations have set $100 billion trade target by 2020
The ambassador noted that trade is growing satisfactorily but called for an increase in bilateral investments. "Investment side is something that I worry about. Trade has been rising but let us get the investment moving as well. Now is good time to look at India as it has moved up 65 places in ease of doing business space in the last three years. No country has moved up that much that fast," Suri said.
"Indian economy recently overtook the UK to become fifth largest economy with GDP reaching $2.9 trillion. With 7.1 per cent GDP growth, the Indian economy will add $200 billion to its GDP in 2019. Next year, $230 billion will be added to its economy which is equivalent to the size of Portugal economy; a year later, India will add another $270 billion to its GDP which is equal to the size of South Africa. With that kind of economic growth, who can benefit more than Dubai," the ambassador said while addressing The India-UAE Bridge Forum recently. Nimish Makvana, president of the Indian Business and Professional Council (IBPC) Dubai, and Mohammed Al Muallem, CEO and managing director of DP World UAE region, also addressed the forum. While Ahmad Al Haddad, chief operating officer, Jafza; Dr Ashraf Mahate, chief economist of Dubai Exports; Edris Behzad, director of client management at Dubai Customs; Bharat Bhatia, CEO of Conares Metal Supply; Yogesh Mehta, CEO of Petrochem Middle East; and Vinesh Bhimani, managing director of Kimoha Entrepreneurs took part in the panel discussion.
Mohammed Al Muallem, CEO and managing director of DP World, UAE Region and CEO of Jafza, said since early 2018, DP World has been expanding its presence across India through logistics investments.
"India is the UAE's second largest trade partner, and as the region's leading trade enabler, we are keen to maintain these excellent trade ties and create a relationship that will allow both our countries to prosper," said Mohammed Al Muallem, CEO and managing director of DP World, UAE Region and CEO of Jafza.
Makvana also pointed out that roadshows will be organised across India by IBPC and DP World to promote joint investments.