Connect with us

Middle East

The UAE Vital To India’s Five Trillion Dollar Economy Ambition

Published

on

The fifth edition of the UAE-India Economic Forum recently took place at Waldorf Astoria, Dubai International Financial Centre, with the participation of high dignitaries and officials, leading experts and leaders from the two nations.

Indian PM Narendra Modi Awarded UAE’s Highest Civilian Honour Amid Kashmir Crisis

India’s partnership with the UAE is set to play a key role in its march towards the ambitious goal of becoming a US$5 trillion economy by 2022, said Abdullah Ahmed Al Saleh, Under-Secretary for Foreign Trade and Industry, Ministry of Economy.

Addressing the opening session of the Forum organised by BusinessLive Middle East, Al Saleh said the strong bilateral ties are the result of the political will articulated by both governments and their sustained efforts to work together for the mutual benefit.

Al Saleh said the recent meeting of the UAE-India High-Level Joint Task Force on Investments, which is a platform to communicate mutual requirements and vision for the future, has played a key role in boosting bilateral investments and cooperation.

“With Expo 2020 around the corner, we will witness India’s commitment with one of the largest pavilions, which is a testament to the value the country puts to promoting bilateral economic relations,” he added.

Al Saleh said the UAE is the largest Arab investor country in India, accounting for 81.2 percent of total Arab investments. The UAE investments into India’s $2.8 trillion economy are estimated to be around $10 billion including foreign direct investment of almost $5 billion.

“The UAE hosts the largest Indian community overseas and their annual remittances are estimated to be more than $17 billion, which is 38 percent of the total outflow,” he said.

“As both countries remain keen as ever to strengthen the trade dialogue, recently, an ambitious project – the India -UAE food corridor – was launched with the plan to benefit two million farmers and create an additional 200,000 jobs across India, due to cumulative investments of more than $7 billion by the UAE in the next three years,” said Al Saleh.

During the forum, delegates brainstormed on new opportunities for partnerships with sessions on infrastructure, banking and finance, fin-tech, healthcare, food corridors, smart cities and start-ups. The UAE-India Economic Forum also felicitated government and industry leaders, who have worked towards nurturing ties between the two nations, with the Qadat Al Tagheer Awards.

Via: Emirates News Agency

 

Advertisement
Advertisement

Facebook

FEATURED

israel-palestine israel-palestine
Featured8 hours ago

Why Soviet Russia At Its Prime & Host Of Arab Nations Could Never Overpower A Tiny Israel?

Israel may be a small country but it fields one of the most capable military forces in the world. It...

saudi-uae saudi-uae
Featured13 hours ago

Pakistan Claims ‘Big Victory’ Over India After Saudi, UAE Led OIC Adopts Surprise Resolution On Kashmir

Amid the reports that the Organisation of Islamic Cooperation (OIC) meeting in Niger was abandoning the Kashmir issue, the foreign...

LCH-1 LCH-1
Featured15 hours ago

HAL Developed World’s Lightest Attack Helicopter A Stepping Stone For Indian Pilots Towards Apache Choppers

As India looks to induct its indigenous Light Combat Helicopter (LCH) into its armed forces, Indian Air Force (IAF) chief,...

DRONES-TURKEY DRONES-TURKEY
Featured16 hours ago

Pakistan Buying Mini Drones From Turkey To Bolster Its Border Offensive Against India – Reports

To enhance surveillance on the border and fast-track weapons dispatches on the Indian side of Kashmir, Pakistan is roping in...

Apache-Helicopter Apache-Helicopter
Featured16 hours ago

As British Army Goes For A Massive Overhaul It Receives First Two AH-64E Guardian Gunships Helicopters

The British Army has just received its first AH-64E Apache ‘Guardian’ helicopter gunships and would start the replacement of the...

Armata-Tank Armata-Tank
EurAsian Region19 hours ago

Russian Media Claims Its T-14 Armata Tanks Are Capable Of Operating On Mars With New Engines

Russia’s T-14 Armata main battle tanks will be able to operate in temperatures as low as -50 degrees Celsius with...

F18-India-Deal F18-India-Deal
Asia Pacific21 hours ago

Doors Open For More Rafale Fighter Jets, F-18 Super Hornets After Another MiG-29 Goes Down

Thursday’s crash of the Indian Navy’s MiG-29K trainer aircraft in the Arabian Sea has once again revived the debate whether...

INDIA-CHINA INDIA-CHINA
Asia Pacific21 hours ago

Xi’s China Eradicates Absolute Poverty; Where Does Modi’s India Stand?

Amid the Covid-19 pandemic, China has reportedly achieved its long-standing goal of ending absolute poverty. However, there have been no...

Iranian-Islamic-Revolutionary-Guards Iranian-Islamic-Revolutionary-Guards
Featured22 hours ago

Israel-Iran War: Why Israel & US Are ‘Keenly Awaiting’ Iran’s Retaliation After Top Nuclear Scientist Assassinated?

Iranian President Hassan Rouhani directly accused Israel of assassinating Mohsen Fakhrizadeh, the Islamic country’s prominent nuclear scientist. He, however, added...

Russia-China Russia-China
Featured1 day ago

Are Russia & China Taking A Lead From NATO & Working To Develop A Joint Nuclear Powered Aircraft Carrier?

China and Russia’s common adversary, the US, has brought the two powers together and have cooperated by carrying out joint...

Advertisement
Advertisement