‘Abu Dhabi leader's India visit will further bilateral trade’

Besides strengthening of bilateral trade, a large number of UAE and Indian companies have shown interest to invest in each other’s countries Source: PTI

Prime Minister Narendra Modi with a delegation accompanying the Crown Prince of Abu Dhabi, His Highness Sheikh Mohammed Bin Zayed Al Nahyan, at the Ceremonial Reception, at Rashtrapati Bhavan, in New Delhi on Thursday

  Indian businessmen based in the UAE have hailed the ongoing visit of Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed Al Nahyan to India, hoping it would further boost trade and investments between the two major trading partners. Kamal Vachani, Group Director, Al Maya Group, and Regional Director of Electronics and Computer Software Export Promotion Council (ESC) for the Middle East, said the UAE is India's third largest trading partner. "Bilateral trade is growing substantially and this visit will further boost the trade and investments and also the relationship between India and the UAE," he said. Vachani said that with the visit of the Abu Dhabi Crown Prince, there will be a boost in trade between the two countries and also a large number of UAE / Indian companies have shown interest in investing in India and the UAE. "This visit will further boost the confidence of trade and industry and investment between the two counties will grow to new heights," he said. Rizwan Sajan, Chairman, Danube Group, said the high level UAE delegation visit could not have been timed any better. "The UAE and India have enjoyed close and friendly ties based on historic and cultural exchanges. We have high expectations from this high level UAE delegation visit to India as it would impact the investment opportunities within two economies," Sajan said. He said India's rapid growth and modernisation, along with its talented human resources and large markets, make it one of the anchors of the global economy. "The dynamism of the two countries have translated into a rapidly expanding economic partnership, making India UAE's second largest trading partner; and UAE not only India's third largest trading partner, but also India's gateway to the region and beyond," he said. The UAE's official WAM news agency quoted a report by the ministry of economy, which said that ties between the UAE and India are witnessing rapid and significant growth. "UAE-India bilateral trade continued to grow in strength with Indian exports of goods and commodities expected to surge to $100 billion and two-way trade exchange to $160 billion by 2030, making the UAE the largest trade partner of India in the world," said the report. "It also ranked first in the UAE's overall exports with a relative share of 14.9% and ranked second in the UAE's re-exports to the world accounting for 8.7% of the UAE's total re-exports. India also ranked third in the UAE's total imports with a relative share of 9.2%," it said. According to a study by the UAE Ministry of Economy, India is the number one trade partner of the country with a relative share of 9.8% of the total UAE non-oil trade. In a column in the Khaleej Times, Najla Al Rostamani said "Such an approach means that looking East has become as vital as it has been historically in looking towards the West. Hence, it was only natural that relations towards countries of power like China, Russia, and now India are cultivated," she said.  

February 11, 2016 | 05:15pm IST