After The US and China, UAE has stepped up 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 inscribing a forum in Dubai, the ambassador quoted that exports from India to UAE totaled $30.2 billion while exports from the UAE to India reached $29.8 billion. He predict that the numbers are poised to grow significantly in coming years.
UAE and India have by far taken leaps and bounce and bilateral trade between the countries have grown from $52 billion in 2017 to $57 billion in late 2018. India and UAE have set a target trade of $100 billion by 2020.
The ambassador noted that trade is growing but called for an increase in bilateral investments. "Investment side is something that I worry about. Trade streak is on a move but let us get the investment on a move as well.
Its a good time to look at India as it has moved up 65 places in ease of doing business space in the last three years, creating history as no country has made progress this fast," Suri said.
"The economy of Indian outdistanced 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.
Foreseeing that 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 will match the size of South Africa. With such stupendous economic growth, who can benefit more than Dubai," the ambassador said while addressing.
The India-UAE Bridge Forum recently.The president of IB Nimish Makvana, 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, took part in the panel discussion.
The CEO and managing director of DP World,Mohammed Al Muallem, , 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 effectively take our countries to prosper," said Mohammed Al Muallem, CEO and managing director of DP World, UAE Region and CEO of Jafza.
Makvana also highlighted that roadshows will be organised across India by IBPC and DP World to promote joint investments.