UAE-India partnership can serve the world: Piyush Goyal
India, UAE have ‘tremendous potential’ for mutual trade and investment, Indian minister says
The UAE and India share a lot of strengths and can collaborate to serve the world, said Indian Union Minister Piyush Goyal, who is on a visit to the UAE.
The minister said both countries share a “natural partnership” that can create win-win situations in terms of opportunities and employment.
“Investment is one big area which 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 therefore, I believe this is a natural partnership that should benefit both countries; provide opportunities for people of both countries; provide huge employment opportunities, particularly in sectors which are labor-intense like textiles, footwear, food processing,” said Goyal at a Press briefing on Saturday at the Indian consulate in Dubai.
“India and the UAE share a lot of complementarities. We are not in competition with each other. We actually can collaborate to serve large parts of the world. There are many areas of collaboration, like textiles, leather, accessories, footwear, pharmaceuticals, healthcare,” said Goyal, who is also the Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles.
He also spoke about how India and the UAE have ‘tremendous potential’ for mutual trade and investment.
Both countries started formal negotiations for a Comprehensive Economic Development Agreement to tap global opportunities together, and the UAE has stated that it wants to be part of India’s $1-trillion exports target.
India is the UAE’s third largest trading partner with $60 billion, after China and the US. The UAE is the second largest export destination of India (after the US) with a value of nearly $29 billion for the year 2019-20.
For the UAE, India is the second largest trading partner for 2019 with an amount of around $41.43 billion (non-oil trade), as per figures released by the Indian missions in the country.
Goyal said the response he has received from the UAE businessmen that he met during his current trip has been “truly fabulous”.
“The excitement I see and the potential that is demonstrated by all interested parties — persons who are importing goods and services from India to businessmen who I met at the inaugural event (of the Indian pavilion at Expo 2020) and at the dinner last night…everybody seems to love India,” said Goyal.
He said the businessmen have shown considerable interest in investing in India’s gems and jewellery, food processing industry, and infrastructure development projects.
With the UAE committing to invest $75 billion from its sovereign funds, in addition to other business initiatives, the minister said India is poised to hit its export targets.
The minister said the UAE and India are also teaming up to address climate change challenges and manufacture equipment for solar batteries.
Naming the Indian sectors that can contribute and complement the UAE’s economic growth, Goyal said Indian leather accessories, footwear, pharmaceuticals and healthcare have huge potential, as well as the technological sector like providing software and IT services.
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