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Dubai / WAM
Governments of India and the UAE, through various agencies and departments are closely working to substantially augment the trade and investment relations between the two countries.
The relations between the two countries are at an upswing following the exchange of visits at the highest levels in the past two years. Prime Minister Modi paid a historic visit to UAE in August 2015 and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and the Deputy Supreme Commander of the UAE Armed Forces paid official visits to India in 2016 and 2017.
He was the Chief Guest at India’s Republic Day this year. During his visit the two countries elevated their relationship to comprehensive strategic partnership. The two sides also signed 14 agreements and it was envisioned that UAE would invest US$75 billion in to India. Prime Minister Modi and HH Sheikh Mohamed bin Zayed Al Nahyan also set a target of 60% increase in bilateral trade in the next five years.
India and UAE have been working closely to enhance their cooperation in a range of fields to realize the vision of their leaderships. There has been regular exchange of high level visits in the past few months.
The status of the flow of investment and strategic partnership will further be elaborated at a two-day India-UAE Partnership Summit (IUPS) to be held at the Armani Hotel, Burj Khalifa, from October 30-31, which will be attended by more than 800 Delegates from India and the UAE, including top government officials, private entrepreneurs and business leaders belonging to Corporate UAE and Corporate India.
UAE and India share age-old ties whose foundation lies in trade and investment. The annual two way trade between the two countries today stands at about $53 billion and the leadership of the two countries is committed to increase it by 60% over the next 5 years. While India remains the UAE’s top trading partner, the UAE is India’s third largest trading partner – something that the strategic partnership could boost further.