India, UAE Strengthen Economic Ties At Dubai-India Business Forum In Mumbai

(MENAFN- KNN India) Mumbai, Apr 9 (KNN) Union Minister of Commerce & Industry Piyush Goyal addressed the Dubai-India Business Forum organised by Dubai Chambers in Mumbai on Monday.

The event was attended by His Highness Sheikh Hamdan bin Mohammad Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, marking his first official visit to India.

In his welcome address, Goyal highlighted the deep historical connection between Mumbai and Dubai, noting that this year marks the centenary of Sheikh Hamdan's grandfather Sheikh Saeed's visit to India.

The Minister emphasised that both cities share a welcoming spirit rooted in centuries-old cultural and commercial ties.

The Minister expressed appreciation for Dubai's social welfare initiatives, particularly acknowledging the establishment of the first hospital for Indian workers in Dubai, which he described as 'a heartwarming initiative' for which he extended gratitude on behalf of all Indians.

Goyal underscored the special relationship between India and the UAE, built on trust and personal rapport between the leadership of both nations.

He pointed out the frequency of high-level diplomatic engagement, noting six exchanges in just two years, with three visits by Prime Minister Narendra Modi and three by UAE leadership, reflecting the strategic importance of the partnership.

India's appreciation for the UAE's support in constructing the Swaminarayan Hindu Temple in Abu Dhabi was also conveyed by the Minister, who called it a symbol of mutual respect and shared values between the nations.

The UAE's contributions to India's outreach to Africa, investments in logistics and infrastructure, and efforts to build digital and commercial connectivity were acknowledged, with special mention of DP World's role in transforming India's logistics ecosystem.

Referring to the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE as a defining moment, Goyal expressed confidence in achieving the goal of USD 100 billion in non-oil trade. "The speed and scale at which our partnership is growing is truly inspiring," he stated.

Educational collaboration emerged as a new area of partnership, with Goyal highlighting the establishment of an IIT campus in Dubai and plans for campuses of the Indian Institute of Management and Indian Institute of Foreign Trade, reflecting a commitment to deeper engagement in education and skill development.

The Minister recognised Dubai's role as a vital gateway for India's trade and cultural exchange with the Middle East and expressed gratitude for the UAE's support to the 2 million-strong Indian diaspora, especially during the COVID-19 pandemic, noting that the UAE had "cared for them like your own family."

Quoting Prime Minister Modi, Goyal asserted that "India is not just a workforce, we are a world force," and highlighted India's economic trajectory as the fastest-growing major economy, projected to become the fourth-largest by the end of 2025 and third-largest by 2027.

He outlined India's ambition to grow from a USD 4 trillion economy today to USD 30-35 trillion by 2047, inviting Dubai to partner in India's journey toward becoming a developed nation by its centenary of independence.

The Minister encouraged businesses from both countries to explore opportunities in sectors including nuclear energy, critical minerals, renewable energy, green hydrogen, fintech, AI, food security, and advanced manufacturing, concluding that current collaborations represent 'just the tip of the iceberg' with many more achievements possible through continued leadership and business community engagement.

(KNN Bureau)

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