Indian Economy News

Union Commerce and Industry Minister Mr. Piyush Goyal expresses confidence in strengthening UAE-India Partnership

Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Mr. Piyush Goyal expressed confidence in the UAE-India Partnership.

The Minister stated during a conference with senior business leaders from India and the UAE sponsored by the Abu Dhabi Chamber that the two countries' rising economic growth and strengthening partnership provide chances for firms on both sides to tap into faster development.

Mr. Goyal emphasised the UAE's critical role in this alliance, stating it as India's second-biggest export destination, third-largest trade partner, and largest foreign direct investor. He stated that the 2 countries' Comprehensive Economic Partnership provides a solid framework for engagement. The Minister is confident that this collaboration will succeed because both countries have rich history, cultures, and traditions that are paired with current abilities and potential in the future.

According to Mr. Piyush Goyal, critical areas of partnership between India and the UAE include food security, education, energy security, climate change mitigation, and space technologies. The Minister also emphasised the promotion of each other's cultures and projects such as the Startup20, B20, the UAE-India Business Council, and Bharat Bazaar.

According to the Minister, India is a sizable market with 1.4 billion aspirational inhabitants that offers a big opportunity for businesses in the UAE. He described the "30 by 30 by 30" opportunity, with India's average age remaining under 30 for the next 30 years and a target of adding US$ 30 trillion to the country's GDP by 2047. He urged firms to take advantage of these opportunities and work together in a spirit of cooperation and competition.

Mr. Goyal emphasised the cordial reception he received as well as the contagious excitement to strengthen the UAE-India partnership. In addition to the significant contribution that businesses are making to bolster this geopolitical strategic partnership, the minister claimed that the remarkable love and affection that the people of India and the UAE have for one another will make this defining partnership and brotherhood of the 21st century.

He stated that India has had amazing economic progress over the last nine years under the leadership of the Prime Minister. Mr. Narendra Modi transformed India from one of the world's most vulnerable five economies to the world's fifth-largest economy.

Mr. Goyal emphasised this remarkable journey as well as the ambitious objective of becoming the world's third-largest economy within the next four years. He described the next 25 years as the "golden period" for India's development.

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