(MENAFN- Emirates News Agency (WAM))
INDORE, India, 22nd October, 2016 (WAM) -- Foreign trade between the UAE and India reached US$50 billion between 2015 and 2016, making India the top trade partner to the UAE, said Abdullah bin Ahmed Al Saleh, Under-Secretary for Foreign Trade and Industry at the Ministry of Economy.
Al Saleh expects bilateral trade to rise to record levels if the significant existing trade and economic potential between the two countries is properly harnessed.
''Foreign trade with India constitutes 9.8 percent of the UAE's non-oil trade. India is the largest importer of commodities from the UAE, accounting for 14.9 percent of the UAE's total exports. India is also the second-largest export market to the UAE, representing 8.7 percent of the UAE's re-exports,'' Al Saleh said, while delivering the UAE's statement at the Global Investors Summit, a flagship investment promotion event by the government of Madhya Pradesh, which was opened on Friday.
The event aimed to showcase the strengths and industrial prowess of Madhya Pradesh and to provide a platform for interaction with Indian industry leaders, policy makers, investors and other stakeholders.
India's Finance Minister Arun Jaitley and Shivraj Singh Chouhan, Chief Minister of Madhya Pradesh, attended the opening session.
Some 5,000 participants, including global leaders and heads of state, policy makers, ministers, chairmen and CEOs of companies, presidents of global trade associations, heads of international institutions, thought leaders, academicians and entrepreneurs are attending the two-day event, which provides a platform for investors to network with decision-makers.
With the objective of making Madhya Pradesh a global investment hub, the local government is also organising a three-day business exhibition, covering a 60,300 sq.ft space, with exclusive focus on the latest trends and technology as well as products and services across specific sectors.
The UAE, Al Saleh stated, is the largest Arab investor in India, with investment exceeding $10 billion, representing 85 percent of the total Arab investment in India.
''The UAE is hosting the largest resident Indian community of 2.6 million Indians who work and live in the state, with their remittances estimated at $12 billion per year,'' Al Saleh noted.
On the sidelines of the summit, the UAE official met with the chief minister of Madhya Pradesh and discussed with him a wide range of economic, trade, industrial and investment issues.
The two sides stressed the need for furthering joint co-operation and partnership in areas of key priority such as smart cities, food industries, tourism, IT and textiles.
Prospects for increasing industrial investment between the two sides were discussed at a meeting between Al Saleh and Chandrajit Banerjee, Director-General of the Confederation of Indian Industry.
The summit held a special country session on the UAE's economic and trade attractions as one of its five event partners, where Al Saleh and Ahmed Al Banna, Ambassador of the UAE to India, and other UAE speakers addressed a host of issues, including UAE investments in India, Abu Dhabi as an investment destination, Khalifa Industrial Zone Abu Dhabi and Fujairah Free Zone.
WAM/tfaham
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