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Trade to grow 11.22% in 2010
ABU DHABI - India is the largest foreign commercial partner of the UAE, with bilateral trade poised to exceed $32.7 billion in the current year, growing by 11 per cent year-on-year.
Bilateral trade rose 16.4 per cent to $29.4 billion in 2009, the year marred by the financial crisis.
“Over the past 10 years, our trade exchange has multiplied 13 times, with non-oil sectors slowly gaining a predominant share,” UAE Foreign Trade Minister Shaikha Lubna Al Qasimi told a luncheon hosted by ADCCI Chairman Mohammed Thani Murshed Al Romaithi, in honour of Indian President Pratibha Devisingh Patil.
Shaikha Lubna said that non-oil trade between the two nations in fact rose by 57 per cent to $20.4 billion for the first half of 2010 over the same period last year.
“Overall we are poised to increase our total exchange to as much as $32.7 billion this year,” Shaikha Lubna said.
India’s investments into the UAE have reached $2.5 billion or seven per cent of total inbound FDIs in 2007. “We encourage our Indian partners to continue taking advantage of our economic and political stability as well as our numerous business incentives,” Shaikha Lubna said.
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