The UAE News report: As India completes 75 years of Independence, the nation may look back with pride on the spectacular progress made by the country in all sectors of the economy. Strong fundamentals of the economy were best exemplified when the pandemic struck, hitting every nation – big or small. While some of the front-ranking states crumbled, India was able to contain the damage to a large extent. Though the economy took a big hit, India managed to ensure that economy moved back to its growth path at the earliest.
The UAE has emerged as an important economic hub not just within the context of the Middle East/West Asia, but also globally. The UAE, due to its strategic location, has emerged as an important economic center in the world. India has enjoyed close friendships based on long-standing cultural, religious, and economic ties between the two nations.
“The mutual respect and love for each other have brought the two nations further close over the last few years. Today, UAE is home to a large Indian Diaspora that has contributed significantly to the transformation of UAE from an oil-producing giant to a widely diversified and modern economy,” says Kamal Vachani, Regional Director, Electronics and Computer Software Export Promotion Council (ESC) – Middle East.
India – UAE trade relations have effectively cemented strong relations between the two countries. UAE is India’s third largest trade partner, while India ranks as the UAE’s number one trading partner for non-oil exports, accounting for nearly 14% of the UAE’s total non-oil exports globally.
The bilateral trade relations reached new heights when the two countries signed a Comprehensive Economic Partnership Agreement (CEPA) in February this year. The Agreement came into effect on 1 May and is expected to increase the total value of bilateral trade in goods to over $100 billion and trade in services to over $15 billion within five years.
Both the countries will benefit from preferential market access provided to each other’s goods under the Agreement. Indian electronics products have been a major hit among UAE consumers. With CEPA coming into force, it is expected that demand for electronic goods and devices will grow manifold in UAE.
Today, we are living in a time of exciting technological innovations. Digital technologies are driving transformative change. The new technologies are reshaping product and factor markets and profoundly altering business and work. The latest advances in artificial intelligence and related innovations are expanding the frontiers of the digital revolution
Indian IT industry has played a major role in shaping many economies, including that of the UAE. Solutions and products developed by Indian IT companies have provided a major leg-up to various industries based in Emirates, be it tourism, healthcare, aviation, manufacturing, or communication, says Mr. Sandeep Narula, Chairman, ESC.
As India embarks upon a new journey of rapid growth and progress, bilateral relations with UAE will play an important role in taking India’s relations to newer heights with the entire middle-east region. India and UAE have strong bilateral ties which can be traced back to centuries cemented by trade and people-to-people contacts. Given the cordiality and friendship, our two regions have tremendous scope for coming together in all domains including ICT.
I am sure that the various initiatives on both sides will deepen the trade relations between the two countries, says Mr. Gurmeet Singh, Executive Director, Electronics and Computer Software Export Promotion Council, (ESC), India.
