(MENAFN- Khaleej Times) The UAE is looking to expand its relationship with India beyond traditional boundaries into new industries such as renewables, space, advanced technologies and small and medium businesses, a senior government official said at the UAE-India Economic Forum in Dubai on Wednesday.
"When it comes to India and the UAE, it is a model partnership based on mutual goals and objectives. The recent bilateral visits of Indian Prime Minister Narendra Modi and His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of UAE Armed Forces, took the relationship to a new strategic level. We are looking forward to further cooperation in new areas rather than classic areas," said Juma Mohammed Al Kait, assistant undersecretary for Foreign Trade Affairs, Ministry of Economy.
"We need to focus on renewables as we're aware of the Indian government's efforts to shift towards clean energy. Space is crucial and there will be collaboration on this. I see the potential for advanced technology and small and medium enterprises too. I think the established joint fund will also play a vital role in strengthening those sectors to a higher level. We want to build the UAE on a knowledge-based economy," he added.
In addition, there are ongoing discussions between the two countries to further develop logistics, tourism and manufacturing industries, he said.
Total bilateral trade between the UAE and India reached $50 billion last year, of which $36 billion was from the non-oil sector.
The UAE's investments in India have jumped by $1 billion in the past one year alone, and the UAE is the second largest export destination for India, with $30 billion for the year 2015-16. The total foreign direct investment inflows from the UAE to India stand at $4 billion ending March 2016.
Saeed Al Shamsi, deputy director of Economic Affairs and International Corporation, Ministry of Foreign Affairs, said there is lot of room for further economic collaboration through new partnerships to enable the two business communities to foster this economic growth.
"One area that has strong potential is the shipping industry. Despite both countries having maritime routes and major standing in shipping trade, shipping industry is short of potential."
He also offered the opportunity of launching joint mutual investments in third countries by the two nations and their business communities.
Highlighting potential opportunities, Dr Ohan Balian, chief economist, Abu Dhabi Chamber of Commerce and Industry, said India aims to build 100 smart cities, produce 200 million tones of steel annually by 2020 and create 100 million manufacturing jobs by increasing the sector's share of GDP from 16 per cent to 25 per cent by 2022.
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