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03 October 2023

UAE-India economic cooperation gains increasing momentum: Bin Touq


Abdullah bin Touq Al Marri, Minister of Economy, stated that UAE and India have adopted a package of initiatives and joint action plans to expand the sectors of the new economy in their markets and stimulate the growth of Emirati and Indian startups so as to increase their contribution to the growth of the gross domestic product of the two countries.

‘’The UAE and the friendly Republic of India are united by strong bilateral relations and a sustainable strategic partnership, as economic relations were characterized by continuous development and common denominators in visions and strategies aimed at expanding in new economic sectors as vital drivers that support sustainable growth and competitiveness of their economy,’’ said Abdullah Bin Touq in a statement to the Emirates News Agency (WAM) on the occasion of the Prime Minister Shri Narendra Modi to the UAE on Saturday.

The minister said:’’ The Emirati-Indian economic cooperation is gaining increasing momentum in sectors of the circular economy, tourism, aviation, entrepreneurship, small and medium enterprises, renewable energy, technology, digital transformation and transportation, in light of their economic partnership and the capabilities.’’ The two countries, he added, affirmed their mutual desire to bolster cooperation in areas of common interest to stimulate the economic growth of the two countries and create new, promising opportunities for Emirati and Indian business communities.
‘’We are determined to advance our economic partnership with our partners in the Indian government and to continue joint efforts, especially since India is one of the five largest markets exporting tourism to the country, ‘’ he said, adding that non-oil foreign trade between the two countries reached AED 188.8 billion in 2022, a growth of 15% compared to 2021.