NRI businessmen upbeat over Abu Dhabi leader's India visit

Prime Minister Narendra Modi shakes hands with Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, in New Delhi. Photo: PTI
Indian businessmen based in the UAE have hailed the ongoing visit of Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed Al Nahyan to India hoping it would further boost trade and investments between the two major trading partners.

Kamal Vachani, Group Director, Al Maya Group, and Regional Director of Electronics and Computer Software Export Promotion Council (ESC) for the Middle East, said the UAE is India's third largest trading partner.

"Bilateral trade is growing substantially and this visit will further boost the trade and investments and also the relationship between India and the UAE," he said.

Vachani said that with the visit of the Abu Dhabi Crown Prince, there will be a boost in trade between the two countries and also a large number of UAE / Indian companies have shown interest in investing in India and the UAE.

"This visit will further boost the confidence of trade and industry and investment between the two counties will grow to new heights," he said.

Rizwan Sajan, Chairman, Danube Group, said the high level UAE delegation visit could not have been timed any better.

"The UAE and India have enjoyed close and friendly ties based on historic and cultural exchanges. We have high expectations from this high level UAE delegation visit to India as it would impact the investment opportunities within two economies," Sajan said.

He said India's rapid growth and modernisation, along with its talented human resources and large markets, make it one of the anchors of the global economy.

"The dynamism of the two countries have translated into a rapidly expanding economic partnership, making India UAE's second largest trading partner; and UAE not only India's third largest trading partner, but also India's gateway to the region and beyond," he said.

The UAE's official WAM news agency quoted a report by the ministry of economy, which said that ties between the UAE and India are witnessing rapid and significant growth.

"UAE-India bilateral trade continued to grow in strength with Indian exports of goods and commodities expected to surge to $100 billion and two-way trade exchange to $160 billion by 2030, making the UAE the largest trade partner of India in the world," said the report.

"It also ranked first in the UAE's overall exports with a relative share of 14.9% and ranked second in the UAE's re-exports to the world accounting for 8.7% of the UAE's total re-exports. India also ranked third in the UAE's total imports with a relative share of 9.2%," it said.

According to a study by the UAE Ministry of Economy, India is the number one trade partner of the country with a relative share of 9.8% of the total UAE non-oil trade.

In a column in the Khaleej Times, Najla Al Rostamani said "Such an approach means that looking East has become as vital as it has been historically in looking towards the West. Hence, it was only natural that relations towards countries of power like China, Russia, and now India are cultivated," she said.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel