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Union Minister of Commerce and Industry Piyush Goyal on Friday emphasised the UAE’s pivotal partnership with India, stating that omprehensive Economic Partnership between the two countries forms a strong foundation for collaborations.
The UAE is India’s second-largest export destination, third-largest trade partner, and the largest investor in terms of foreign direct investment. He expressed confidence in strengthening UAE-India partnership, while addressing a meeting with top business leaders from India and the UAE hosted by Abu Dhabi Chamber.
He said that the rising economic growth of the two countries and strengthening partnership offers opportunities for businesses on both sides for faster growth. India as a large market with 1.4 billion aspirational citizens presents a significant opportunity for businesses in the UAE, he said.
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.
The Minister said India has witnessed remarkable economic growth over the last nine years under the leadership of Prime Minister Narendra Modi, transforming from one of the fragile five economies globally to now being the world’s fifth-largest economy.
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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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.
The Minister 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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