Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal expressed confidence in strengthening the UAE-India Partnership. While addressing a meeting with top Business Leaders from India & UAE hosted by the Abu Dhabi Chamber, the Minister said that rising economic growth of the two countries and strengthening partnership offer opportunities for businesses on both sides to tap into for faster growth.
Shri Goyal emphasized the UAE’s pivotal role in this partnership, citing it as India’s second-largest export destination, third-largest trade partner, and the largest investor in terms of foreign direct investment. The Comprehensive Economic Partnership between the two countries forms a strong foundation for collaboration, he said. Both nations share a rich history, culture, and tradition, combined with present-day capabilities and future possibilities, which the Minister believes will provide the impetus for this partnership to thrive.
Shri Piyush Goyal said that the crucial areas of collaboration between India and UAE range from food security, education, energy security, climate change mitigation to space technologies. The promotion of each other’s cultures and initiatives like the Startup20, B20, the UAE-India Business Council, and Bharat Bazaar were also highlighted by the Minister.
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The Minister stated India’s role as a large market with 1.4 billion aspirational citizens, presents a significant opportunity for businesses in the UAE. He outlined the “30 by 30 by 30” opportunity, with India’s average age being under 30 for the next 30 years and a goal to add $30 trillion to its GDP by 2047. He encouraged businesses to seize these opportunities and collaborate in the spirit of cooperation and competition.
Shri Goyal emphasized the warmth of the welcome he received and the infectious enthusiasm to bolster the UAE-India partnership. The Minister said that the incredible love and affection that the people of India and the people of the UAE have for each other, along with the immense contribution that businesses are making to strengthen this geopolitical strategic partnership, is set to make this the defining partnership and brotherhood of the 21st century.
He said that India has witnessed remarkable economic growth over the last nine years under the leadership of Prime Minister Shri Narendra Modi, transforming from one of the fragile five economies globally to now being the world’s fifth-largest economy. Shri Goyal highlighted this impressive journey and the ambitious goal of becoming the world’s third-largest economy within the next four years. He termed the next 25 years as the golden period for India’s development.
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In his closing remarks, Shri Piyush Goyal compared the UAE-India partnership to a rising tide lifting all boats and expressed his belief that the growing friendship and cooperation between the two nations will offer tremendous opportunities for businesses on both sides.
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