Indian Economy News

India, UAE and Israel's trilateral trade could reach US$ 110 billion by 2030: Top diplomats

  • IBEF
  • April 5, 2021

Taking advantage of India, Israel, and the UAE’s complementary capabilities could raise trilateral trade to US$ 110 billion by 2030, according to top diplomats and business leaders.

The remarks were made on Sunday at an event hosted by the International Federation of Indo-Israel Chambers of Commerce (IFIICC) to discuss current business collaborations between the two countries.

Ambassador, Mr. Ilan Sztulman Starosta, Head of the Israeli mission in Dubai, said “By 2030, the foreign market opportunity backed by Israeli development, the UAE's visionary leadership, and both countries' trading relationship with India could be worth US$ 110 billion.”

Ambassador of the UAE to India and Founding Patron of IFIICC, Dr. Ahmed Abdul Rahman AlBanna, said, “The bilateral trade between the UAE and India is expected to increase from US$ 60 billion in 2020 to US$ 100 billion by 2030. The UAE is a global bridge, and this trilateral with India and Israel could support the entire world.”

Dr. Aman Puri, Consul General of India to Dubai, said, “The Indian business community in the UAE could take advantage of the trilateral's strengths to support all three countries develop economically.”

From Tel Aviv, Mr. Ran Tuttnauer, Honorary President of IFIICC in Israel and Chairman of the Israeli Manufacturers Council at the Manufacturers Association of Israel (MAI), joined the event virtually.

Mr. Tuttnauer said, “The future of international business will be conducted through the UAE in partnership with India and using Israeli innovation.”

IFIICC was established on December 14 of last year with the aim of establishing offices around the world and enlisting the assistance of the world's largest diaspora, the Indian diaspora.

Mr. Merzi Sodawaterwala, Founder and Chairperson of IFIICC, said, “Collaboration and innovation will help usher in a new age of post-pandemic economic development.”

Mr. Kamal Vachani, Honorary President of IFIICC for the UAE and Group Director & Partner of Al Maya Group said, “This trilateral partnership's innovation and economic opportunities are limitless.”

In a recent seminar, the European Business School (ESCP) emphasized the global potential of trilateral relations between Israel, the UAE, and India. The seminar, which took place last month, was co-hosted by SPJIMR.

The ESCP Business School (École Supérieure de Commerce de Paris) was established in 1819 and is regarded the world's first business school.

The post-Abraham accords process of normalizing Israel's relations with some Arab countries has sparked a huge interest in this trilateral relationship, with a range of events organized by a variety of organizations, including major banks.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.