Union Commerce and Industry Minister Piyush Goyal recently made a significant announcement during his visit to the United Arab Emirates (UAE). He revealed that India and the UAE are steadfastly working towards expanding their bilateral trade relationship to achieve a monumental target – a trade volume of USD 100 billion.
Piyush Goyal articulated this ambitious goal during a meeting with top business leaders from India and the UAE, which was graciously hosted by the Abu Dhabi Chamber. He said, “Basic foundation on which I believe we are looking to expand the trade between our two countries, significantly, at least to make it USD 100 billion, very quickly.”
The meeting was part of the 11th Meeting of the India-UAE High-Level Joint Task Force, which aimed to boost investments and strengthen economic ties between the two nations. During this event, several Memoranda of Understanding (MoUs) were signed across various sectors, underlining the commitment of both countries to enhance their economic cooperation.
Goyal expressed the belief that the profound mutual affection and admiration between the people of India and the UAE, coupled with the substantial contributions of businesses, would further bolster their already strategic partnership. He remarked, “I’m very convinced that the incredible love and affection that the people of India and the people of the UAE have for each other, the immense contribution that businesses are making to further strengthen this geopolitical strategic partnership is going to truly make this that defining partnership and brotherhood…”
Goyal also highlighted India’s remarkable economic journey. He stated, “Clearly, India is a vibrant nation, on the move to become an economic powerhouse. Today the fifth largest economy in the world…It was only nine years ago, that we were a fragile five economy, amongst the weakest five economies in the world. Today as I stand before you, we are amongst the top five economies, the fifth largest GDP. In the next four years, we expect to become the world’s third largest GDP.”
During his visit, Piyush Goyal engaged in discussions with the India-UAE Business Council (UAE Chapter) delegation, alongside Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, UAE. He emphasized the significance of the UAE as India’s second-largest export destination, third-largest trade partner, and fourth-largest investor in terms of foreign direct investment.
Goyal noted, “The Comprehensive Economic Partnership being the very first partnership that the UAE executed or entered into with any country in the world, bilaterally. All of this is in a way, the foundation on which we are working together, we are both countries that share a very rich history, a very engaging past a past that represents heritage, culture and tradition. We both are countries with huge capabilities in the present…”
Moreover, Piyush Goyal hinted at a promising future for investments from the UAE in India. He anticipated a substantial flow of investments in both public markets and the manufacturing and services sectors. With great enthusiasm, he stated, “While at one point in time, we would say the sky is the limit, I can say now even the moon is not the limit.” This bold statement captures the optimism and determination driving the collaboration between India and the UAE as they strive to achieve their lofty trade targets.
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