Gandhinagar: Commerce and Industry Minister Piyush Goyal on Wednesday said that India and UAE aspire to expand their bilateral trade to $100 billion.
He also highlighted efforts that were underway to facilitate rupee-dirham trade.
Addressing the UAE India Business Summit at the Vibrant Gujarat Global Summit, the minister invited investors to participate in India’s growth story that was backed with a demographic advantage of a young, aspirational population.
Goyal said that both the countries were looking for newer propositions from industry and business to further enhance their partnership.
He said bilateral trade has increased under the India UAE Comprehensive Economic Partnership Agreement (CEPA). He also highlighted key collaborations such as the India-Middle East-Europe economic corridor and initiatives to promote Rupay and facilitate direct rupee-dirham trade.
The minister praised the exceptional leadership of UAE President Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister Narendra Modi in elevating the relationship between the two countries.
He emphasised on exploring new partnerships, identifying opportunities, and expanding cooperation in various sectors. He envisioned the India-UAE partnership as a defining alliance of the 21st century, rooted in shared history and aspirations for mutual progress.
Goyal highlighted the UAE-India business relationship across various sectors, such as the plan to establish a Bharat Park in the Jebel Ali Free Zone under the guidance of DP World Group CEO Sultan Ahmed bin Sulayem.
He expressed confidence that this initiative would open myriad opportunities for international trade between the two nations and beyond, significantly elevating India’s global visibility.
The minister also praised Vice Chairman of the Abu Dhabi Chamber of Commerce, Yousuf Ali Abdulqader, in fortifying bilateral ties, mentioning the significant investments being made in India’s growth story, such as the establishment of a shopping mall in Kashmir.
Drawing attention to the burgeoning defence, cultural, and economic relations between the nations, Goyal lauded the UAE’s political stability, business-friendly policies, and infrastructural advancements as conducive factors for mutual growth and prosperity.