April 20, 2024

India, UAE to trade in rupee and dirham

UAE India Business Summit to unlock vast potential in UAE-India partnership

UAE India Business Summit to unlock vast potential in UAE-India partnership

Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Piyush Goyal said that India and UAE aspire to expand their bilateral trade to US$ 100 Billion. While addressing at the ‘UAE India Business Summit’ held at the 10th edition of Vibrant Gujarat Global Summit in Gandhinagar, Gujarat on Thursday, the Minister underscored the multifaceted nature of the India-UAE partnership, encompassing collaborations in space exploration, security, education, and climate action. 

Goyal said that both the countries are looking for newer propositions from industry and business to further enhance their partnership. He said bilateral trade has increased under the India UAE Comprehensive Economic Partnership Agreement (CEPA). He also highlighted key collaborations such as the India-Middle East-Europe economic corridor and initiatives to promote Rupay and facilitate direct trade between rupee and dirham.

Delighted at the prospect of further strengthening bilateral relations, the Minister emphasized the significance of the UAE India Business Summit, emphasizing that it serves as a platform to unlock the vast potential that the UAE-India partnership offers. He praised the exceptional leadership of the President of UAE, H.H. Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister, Narendra Modi in elevating the relationship between the two countries.

The Minister emphasized the boundless possibilities in exploring new partnerships, identifying opportunities, and expanding cooperation in various sectors. He envisioned the India-UAE partnership as a defining alliance of the 21st century, rooted in shared history and aspirations for mutual progress.

Goyal expressed his gratitude to the Minister of State for Foreign Trade, UAE, H.E. Dr. Thani bin Ahmed Al Zeyoudi; and Chairman and CEO of DP World Group, Sultan Ahmed bin Sulayem for their invaluable contributions to fostering the enduring friendship between India and the UAE.

Goyal acknowledged their pivotal roles in bolstering the UAE-India business relationship across various sectors, notably mentioning the plan to establish a Bharat Park in the Jebel Ali Free Zone under Sultan Ahmed bin Sulayem’s guidance. He expressed confidence that this initiative would open myriad opportunities for international trade between the two nations and beyond, significantly elevating India’s global visibility.

The Minister also highlighted the efforts of Vice Chairman of the Abu Dhabi Chamber of Commerce, Yousuf Ali Abdulqader, in fortifying bilateral ties, mentioning the significant investments being made in India’s growth story, such as the establishment of a shopping mall in Kashmir.

Drawing attention to the burgeoning defense, cultural, and economic relations between the nations, Shri Goyal lauded the UAE’s political stability, business-friendly policies, and infrastructural advancements as conducive factors for mutual growth and prosperity.

Piyush Goyal lauded Dr. Thani’s leadership in chairing the WTO Ministerial Conference 13 to be held in Abu Dhabi in February and assured full support from India in ensuring its success.

Citing India’s demographic advantage and its young, aspirational population, the Minister invited investors to participate in India’s growth story, underscoring the nation’s potential to offer substantial returns and contribute to the dreams and aspirations of its 1.4 billion people.

Concluding on a note of unwavering optimism and shared vision for the future, the Minister reiterated the commitment of India and the UAE to forge an enduring partnership that will have a lasting impact on both nations.

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