Scripting Strong Bonds

India exports of electronics goods and software to touch new record level says Kamal Vachani, Regional Director, Electronics and Computer Software Export Promotion Council (ESC), Middle East

As India celebrates its 75th Independence anniversary, the country can look back with pride on the incredible development made by the nation in all economic areas. Strong fundamentals of the economy were best demonstrated when the pandemic struck, hitting every nation — big or small. While some of the front-ranking states crumbled, India was able to contain the damage to a large extent. Though the economy took a big hit, India managed to ensure that it regained its growth path at the earliest.

The UAE has emerged as a significant economic hub not just within the context of the Middle East or West Asia but also globally. Due to its strategic location, the UAE has emerged as a critical economic centre globally. India has enjoyed a close friendship based on long-standing cultural, religious, and economic ties between the two nations.

According to Kamal Vachani, Regional Director, Electronics and Computer Software Export Promotion Council (ESC), Middle East: "The mutual respect and love for each other has brought the two nations closer over the last few years. The UAE is home to a sizable Indian diaspora, which has significantly contributed to the country's economic diversification and transformation from a major oil producer to one with a wide range of industries."

India-UAE trade relations have effectively cemented a strong connection between the two countries. India is the UAE's top trading partner for non-oil exports, making up almost 14 per cent of the UAE's total non-oil exports globally, and the UAE is the third-largest trading partner of India. The bilateral trade relations rose to new heights when the two countries signed a Comprehensive Economic Partnership Agreement (CEPA) in February this year. Effective from May 1, the agreement is expected to increase the total value of bilateral trade in goods and services to over $100 billion and $15 billion within five years.

Both countries will benefit from preferential market access provided to each other under the agreement. Indian electronics products have been a big hit among the UAE consumers. With CEPA coming into force, the demand for electronic goods and devices will grow in the UAE.

Today, we are living in a time of exciting technological innovations. Digital technologies are driving transformative change. The new technologies are reshaping products and factor markets and profoundly altering business and work. The latest advances in artificial intelligence and related innovations are expanding the frontiers of the digital revolution.

"Indian IT industry has played an important role in shaping many economies, including the UAE's. Solutions and products developed by Indian IT companies have provided a major leg-up to various industries based in the Emirates, be it tourism, healthcare, aviation, manufacturing or communication," said Sandeep Narula, Chairman, ESC.

As India embarks upon a new journey of rapid growth and progress, bilateral relations with the UAE will play an important role in taking India’s relations to newer heights with the entire Middle East region. India and the UAE have strong bilateral ties, tracing back to centuries cemented by trade and people-to-people contacts. Given the cordiality and friendship, the two regions have tremendous scope for coming together in all domains, including ICT.

"I am sure that the various initiatives on both sides will deepen the trade relations between the two countries," added Gurmeet Singh, ESC, India.

— anam@khaleejtimes.com