UAE-India partnership can serve the world: Piyush Goyal

Dubai - India, UAE have ‘tremendous potential’ for mutual trade and investment, Indian minister says

The UAE and India share a lot of strengths and can collaborate to serve the world, said Indian Union Minister Piyush Goyal, who is on a visit to the UAE.

The minister said both countries share a “natural partnership” that can create win-win situations in terms of opportunities and employment.

“Investment is one big area which we can expect to work together in a big way. Over the years, the UAE has developed capabilities in industries where low-cost energy can help India develop quality products at very attractive prices. And therefore, I believe this is a natural partnership that should benefit both countries; provide opportunities for people of both countries; provide huge employment opportunities, particularly in sectors which are labor-intense like textiles, footwear, food processing,” said Goyal at a Press briefing on Saturday at the Indian consulate in Dubai.

“India and the UAE share a lot of complementarities. We are not in competition with each other. We actually can collaborate to serve large parts of the world. There are many areas of collaboration, like textiles, leather, accessories, footwear, pharmaceuticals, healthcare,” said Goyal, who is also the Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles.

He also spoke about how India and the UAE have ‘tremendous potential’ for mutual trade and investment.

Both countries started formal negotiations for a Comprehensive Economic Development Agreement to tap global opportunities together, and the UAE has stated that it wants to be part of India’s $1-trillion exports target.

India is the UAE’s third largest trading partner with $60 billion, after China and the US. The UAE is the second largest export destination of India (after the US) with a value of nearly $29 billion for the year 2019-20.

For the UAE, India is the second largest trading partner for 2019 with an amount of around $41.43 billion (non-oil trade), as per figures released by the Indian missions in the country.