Republic Day special: UAE, India eye stronger trade, ties

One of the strongest drivers of the bond between the UAE and India has been the large expat population in the UAE, the Indian ambassador T.P. Seetharam said at an event ahead of the 67th Indian Republic Day.

Celebrating the strong ties between the two nations, the ambassador called for stronger relationships and greater trade between the two countries.

The event was organised by the Indian Business and Professional Council Dubai and saw a number of dignitaries attending the event, including Anurag Bhushan, the consul-general of India; Abdullah Al Saleh, under-secretary at the Ministry of Economy.

Seven high-ranking Emiratis were honoured with the Golden Friendship Award at the event, including Hamad Buamim, president and CEO of Dubai Chamber; Helal Saeed Al Merri, director-general of Dubai Tourism and Commerce Marketing; Ebrahim Al Janahi, deputy CEO of Jebel Ali Free Zone Authority; Abdullah Mohammad Al Nabooda, group chairman of Saeed and Mohammad Al Nabooda; Mana Mohammad Al Mulla, acting CEO of Abu Dhabi Ports Authority; Saud Salim Al Mazroui, director general of Hamriyah Free Zone and Sharjah Airport International Free Zone, and Dr Sharief Habib Al Awadhi, director general of the Fujairah Free Zone Authority.

India is the UAE's second largest trade partner after China as trade between the two countries crossed $59 billion per year, with Indian exports worth $33.3 billion to the UAE, and $26 billion worth of UAE's exports to India. During April 2000 and May 2015, India has received $3.09 billion investments from the UAE, which is 1 per cent of the total FDI received by India during the period.

Last year, India and the UAE agreed to collaborate closely to identify bottlenecks to trade and new areas of trade, with the aim of increasing two way trade by 60 per cent in five years, while significantly boosting investment. The new goal set by both sides is to boost trade by 60 per cent by 2020.

KEF Holdings' founder and chairman, Faizal E. Kottikollon, said the future looks bright for India in 2016. Referring to the IMF forecast he said that India will continue to be the world's fastest growing economy with a growth rate of 7.5 per cent.

"With the easing of FDI norms and the expected growth of the Indian construction industry set at 8 per cent over the next decade, we are confident that our investments in India will pay off."

He said government initiatives such as 'Make in India' and 'Smart Cities' have put infrastructure development at the forefront of the government's economic agenda.

rohma@khaleejtimes.com