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21 May 2024

UAE, Indian officials explore new potential economic partnerships

By Wam

UAE Minister of Economy Sultan bin Saeed Al Mansouri and President of the Confederation of Indian Industry, CII, Shobana Kamineni, have discussed prospects for creating new economic and trade partnerships between the two countries.

UAE investments in India stand at US$10 billion, making the UAE the biggest Arab source of foreign direct investment, FDI, in the subcontinent, and the tenth biggest globally. Indian investments in the UAE stand at US$6 billion, Al Mansouri noted during the meeting attended by senior officials and businessmen from both countries.

Non-oil trade between the UAE and India stood at $36 billion in 2016. More than 4300 Indian registered companies are operating in the UAE, he said.

He emphasised that the two countries share an interest in furthering economic relations and exploring new partnerships to increase bilateral trade and investments.

Describing the UAE's relations with India as strong, historic and unique, Al Mansouri noted that a high-profile visit to India in January by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has paved the way for a real opportunity to consolidate these ties.