The goal of achieving a USD 100 billion non-oil trade target between India and the UAE by 2030 is both ambitious and feasible, according to CII President R Dinesh, according to media reports.
The CII president emphasized that significant business opportunities exist in sectors such as textiles, jewellery, and pharmaceuticals in both nations.
Dinesh highlighted the positive impact of the free trade agreement (FTA) between India and the UAE, implemented in May 2022, leading to a notable increase in bilateral trade and investments.
During his participation in the Investopia global investors' event and various bilateral meetings, including at the WTO Ministerial Conference, Dinesh expressed optimism about the economic prospects of the two countries.
"The target to achieve USD 100 billion in non-oil trade between India and UAE is ambitious but I do believe that it is achievable and recent developments are encouraging in this regard", the CII president told the Press Trust of India (PTI).
He mentioned that the formal agreement, known as a comprehensive economic partnership agreement, encompasses duty-free entry into labour-intensive sectors such as gems and jewellery, textiles, apparel, leather, pharmaceuticals, medical devices, and various engineering products.
"India's vast consumer base and growing manufacturing capabilities offer an attractive market for UAE goods, while the UAE's status as a global trade hub facilitates Indian export access to international markets", he added.
Expressing the transformative nature of the agreement, Dinesh highlighted its potential for businesses across diverse sectors such as telecommunications, construction, education, environment, finance, health services, tourism, films, hospitality, maritime, and air transport.
Furthermore, the agreement sets the stage for collaboration between Indian and UAE companies in global supply chains, fostering manufacturing in both nations.
Dinesh noted a remarkable increase in foreign direct investment (FDI) from the UAE to India, reaching USD 3.35 billion in 2022-23. He envisions leveraging this growth for the "Make in India" and "Made in Emirates" initiatives, emphasizing the collaborative potential through joint ventures and technology transfers to enhance production, diversify industries, and add value.