Indian Economy News

Narendra Modi to discuss trade, cement energy partnership with UAE

  • IBEF
  • August 17, 2015

New Delhi: Prime Minister Narendra Modi is the first Indian prime minister to visit the United Arab Emirates (UAE) in past 34 years. During the two-day visit, the prime minister plans to discuss building a regular, effective cooperative relationship with UAE across wide variety of topics. The visit aims to attract investment and strengthen the existing energy partnership. Mr Modi would also discuss with the UAE administration prospects of their US$ 800-billion sovereign wealth fund investing in Indian infrastructure, to further strengthen the existing strong trade relations. India-UAE trade, which was valued at US$ 180 million per annum in the 1970s, is currently around US$ 60 billion, making UAE India’s third largest trading partner in FY 2014-15 after China and the US. UAE was the second largest export destination for India worth US$ 33 billion for FY 2014-15. India sourced 189.43 million tonnes of crude oil from abroad last year out of which UAE was one of the top 10 sources of crude oil in FY 2014-15.

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