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India-UAE Business Summit unveils ambitious bilateral goals
The meeting aimed to unlock the vast potential of the India-UAE partnership
Piyush Goyal (left) and Thani bin Ahmed Al Zeyoudi (right) / X – @PiyushGoyal
India and the United Arab Emirates (UAE) recently held the ‘India-UAE Business Summit' on the sidelines of the 10th edition of the Vibrant Gujarat Global Summit in Gandhinagar. The meeting aimed to unlock the vast potential of the India-UAE partnership.
India was represented by Union Minister Piyush Goyal, while the UAE was led by its Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi.
Goyal articulated the shared vision of the two countries to elevate bilateral trade to $100 Billion. The two ministers also discussed key areas of collaboration, including the India-Middle East-Europe economic corridor, and initiatives to promote Rupay in order to facilitate direct trade between the Indian rupee and the Emirati dirham.
The Indian Minister highlighted upcoming plans, such as the establishment of a Bharat Park in the Jebel Ali Free Zone, to demonstrate the commitment to fortifying economic ties between the two countries. He further drew attention to the UAE’s significant investments in India, such as the establishment of a shopping mall in Kashmir.
The summit marked the inauguration of the UAE-India CEPA Council website and the CII India-UAE Start-Up Initiative report, titled “Unlocking Opportunities: India-UAE Start-Up Ecosystem Convergence.”
Goyal also invited Emirati investors to participate in India's growth story, emphasizing the nation's potential to offer substantial returns. Goyal wrote on X, “Explored ways to further strengthen our economic & trade partnership across key sectors for mutual growth.”
Since the signing of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), bilateral trade between the two countries has surged by 15%. With bilateral trade reaching $85 billion in 2022, the UAE has become India’s third-largest trading partner. By 2030, the two countries aim to achieve the target of $100 billion in non-oil trade.
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