Expanding Non-Petroleum, Non-Metal Trade between India and UAE to Reach $100 Billion within Three Years: Piyush Goyal's Statement
Union Minister Piyush Goyal is currently in the United Arab Emirates (UAE) for a two-day visit to co-chair the 13th India-UAE High-Level Task Force on Investments (HLTFI) with HH Sheikh Hamed bin Zayed Al Nahyan. The visit marks a significant step in strengthening the cooperative relationship between the two countries, with no competition but mutual support in expanding trade.
Goyal, accompanied by a large Indian business delegation, including representatives from the Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce & Industry (FICCI), and the Associated Chambers of Commerce and Industry of India (ASSOCHAM), emphasized the need for increased trade between the two countries, enhanced people-to-people contact, and collaboration in technology.
During the discussions, specific sectors targeted for growth include textiles, home decor, fisheries, leather and leather goods, food processing, and pharmaceuticals. Goyal highlighted the reduction of compliance burdens, promotion of decriminalization, elimination of outdated laws, and the simplification of sub-processes as key areas for improvement.
Piyush Goyal praised the reforms introduced by Prime Minister Narendra Modi to improve the ease of doing business in India. He expressed confidence that the UAE will continue to be India's partner in the journey of development, as India emerges as a developed country. Goyal stated that India's economy will grow rapidly in the future due to these reforms.
The UAE has become the fifth-largest investor in foreign direct investment (FDI) in India. Goyal announced that India and the UAE aim to increase their non-oil, non-precious metals trade to USD 100 billion over the next three years. This ambitious goal was initially set when the Comprehensive Economic Partnership Agreement (CEPA) was signed.
Goyal emphasized the significant growth of Indians working in the UAE, with the number of Indians employed or working in the UAE increasing from 2.2 million ten years ago to approximately 42 lakh crore today. He expressed a desire for the UAE to be a partner in India's development journey and for both countries to move forward together.
Discussions are ongoing about encouraging foreign institutional investment (FII) in the Indian stock market. The size of the business delegation is significant, as more than 70 people have come from India to the UAE, which is reportedly the largest delegation ever.
Goyal quoted Prime Minister Narendra Modi, stating that the relationship between India and the UAE will become a role model for the entire world. He expressed hope that the UAE will continue to support India in its growth journey, as both countries strive to diversify trade beyond traditional sectors and work together towards a brighter future.
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