Uae-india economic interconnectivity signiicant
More investment flows between both countries should be promoted: Official
DUBAI: More investment lows between the UAE and India should be promoted, and the scope for investments should be widened to address new rewarding sectors, said Mohammed Sharaf, Assistant Foreign Minister for Economic and Trade Affairs, UAE.
Mohammed Sharaf was delivering a keynote address at the inaugural edition ‘The Economic Times India UAE Strategic Conclave 2017. The two-day event, attended by business leaders and senior government oficials, kicked off giving a further illip to the bilateral and business relations between the two countries.
“There are direct economic gains to cover the strategic goal of safeguarding and boosting both countries’ status as major trade hubs and key gateways to regional and international markets. The signiicant economic interconnectivity in quantitative igures to emphasise on the alignment of the UAE’S and Indian economic interests, and to stress that the prosperity of one country’s economy will yield lourishing trade and investment lows to the other,” Mohammed Sharaf added.
He reiterated the interconnectivity of the UAE and the Indian economies is evidenced by the $35.8 non-oil trade and $6.9 billion oil trade in 2016. With this volume of bilateral trade, India remains as the second top market for UAE’S oil and non-oil exports, while the UAE represents the second biggest market for Indian goods worldwide. The maritime sector, which includes ports, shipping and blue economy, is one example of the not fully realized potentials that can be targeted by Uae-india bilateral initiatives.
He highlighted the visit of His Highness Sheikh Mohamed Bin Zayed Al Nahyan to India at the beginning of this year, and the inauguration of the comprehen- sive strategic partnership between the UAE and India, exemplify a major milestone that aims to take the already strong relationship between our countries to a higher altitude. The distinguished relationship between the UAE and India is the result of the insightful vision of both countries’ leaderships, and following accumulative efforts demonstrated by the public and private sectors in our countries.
The strategic partnership will build upon a concrete economic base to unlock the potential of enhanced cooperation and materialize all possible synergies in existing and new sectors. The alignment of economic interests, in addition to close political, security, and cultural ties are vital motivators and enablers to materialize our leaderships’’ aspirations for an effective and fruitful strategic partnership.
While speaking at the Conclave, Vipul, Consul-general of India in Dubai, said, “This is the continuation of the relationship founded on the success of the two countries continued commitment to boost mutual bilateral ties. The bilateral, trade and strategic relation between the UAE and India is expected to grow signiicantly in the coming years. India is looking for a signiicant amount of investment from the UAE that will help substantially augment the trade and investment relations between the countries.
The economic ties between India and the UAE dates back hundreds of years and we are proud of the two countries’ sustained efforts to strengthen this relationship further.”
Delegates at the India-uae Strategic Conclave in Dubai.