MJ Akbar promotes India-UAE relations at UAE Ambassadors Forum
The Dollar Business Bureau
At the 11th annual edition of the UAE Ambassadors Forum in Abu Dhabi, an exclusive session was held on India-UAE relations, during which, MJ Akbar, India's Minister of State for External Affairs stated that India was keenly interested in furthering bilateral relations with UAE.
The session, moderated by Dr Ahmed Abdulrahman Al Banna, UAE ambassador to India, revolved around committing to stronger India-UAE relations, which will help mitigate the impact of fast-paced developments in the international arena.
The event, being held on April 9-13, was organised by Ministry of Foreign Affairs and International Co-operation (UAE).
On the sidelines of the event, UAE-India Business Council (UIBC) and UAE International Investors Council (UAEIIC) also signed a Memorandum of Understanding for the facilitation of investment and trade between the two countries.
Both the bodies agreed to find a speedy way to address investor grievances by connecting them directly to various government agencies. This will boost investor confidence and increase cross border investment between India and UAE.
The incumbent government has made significant progress in enhancing the status of India's partnership with UAE. As a result of PM Modi's visit to UAE in 2015, the status of India-UAE relations was elevated to that of a 'comprehensive strategic partnership'.
In January 2017, Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi had paid a visit to India as the guest of honor on the Republic Day. His visit had entailed signing of over 12 agreements for progress in bilateral cooperation on multiple verticles like energy, security, defence and trade. Also, both the leaders had agreed on a target of 60% increase in bilateral trade by June 2017.
India and UAE already share a great trade equation with UAE being India's third largest trading partner after China and USA. Total trade between India and UAE amounted to $49.7 billion in 2015-16, with a trade balance of $10.8 billion being in favour of India. The large Indian expatriate community size of 2.6 million people in UAE shows that the two nations have facilitated a hassle-free movement of not only goods and services, but also people.
In terms of crude oil, UAE is India's fifth largest supplier, contributing heavily to India's energy security. UAE is also one of the largest investors of FDI in India.
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