Indian Ambassador to the UAE, Deepak Mittal, has underscored the robust trade relationship between India and the United Arab Emirates, emphasizing the need to further strengthen these ties. Speaking at a business event in Dubai, Mittal highlighted that bilateral trade between the two nations reached approximately $85 billion in the fiscal year 2022-23, marking a significant milestone.
Strong Foundation for Growth
The envoy noted that the Comprehensive Economic Partnership Agreement (CEPA), signed in February 2022, has been instrumental in boosting trade and investment flows. Under this agreement, tariffs on over 80% of goods have been eliminated, facilitating smoother commerce. Mittal pointed out that sectors such as energy, technology, healthcare, and infrastructure offer immense potential for collaboration.
He also mentioned that Indian companies have invested over $10 billion in the UAE, while UAE investments in India exceed $20 billion, spanning sectors like ports, logistics, and renewable energy. The envoy stressed that the strategic partnership is not limited to trade but extends to defense, security, and cultural exchanges.
Energy and Technology Cooperation
Mittal emphasized the importance of energy security, with the UAE being a key supplier of crude oil and natural gas to India. He also highlighted the growing cooperation in the technology sector, particularly in fintech, artificial intelligence, and space exploration. The recent launch of the Indian Space Research Organisation's (ISRO) satellite by a UAE-based company exemplifies this collaboration.
The ambassador called for enhanced people-to-people ties, noting that the Indian diaspora in the UAE, numbering over 3.5 million, plays a vital role in strengthening bilateral relations. He urged businesses to explore opportunities in emerging sectors such as green hydrogen, digital health, and edtech.
Future Prospects
Looking ahead, Mittal expressed optimism about the trajectory of India-UAE relations. He mentioned that both nations are working towards a target of $100 billion in bilateral trade by 2030. The envoy also highlighted the upcoming India-UAE Business Summit, scheduled for later this year, which aims to foster deeper economic integration.
In conclusion, Deepak Mittal reiterated India's commitment to enhancing the strategic partnership with the UAE, emphasizing that the strong foundation of trust and mutual respect will drive future growth. He encouraged stakeholders to leverage the favorable policy environment and explore new avenues for collaboration.
