H.E. Bin Touq discusses trade & economic cooperation with Tamil Nadu Chief Minister
25 Mar 2022
Volume of trade exchange between the UAE and India amounted to AED165 billion in 2021
H.E. Abdulla Bin Touq Al Marri, UAE Minister of Economy, held a meeting with M.K. Stalin, Honorable Chief Minister of the Indian state of Tamil Nadu, in the presence of H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, at the Ministry headquarters in Dubai.
During the meeting, the two sides discussed joint cooperation efforts, trade and economic opportunities for the business community and priority sectors that serve the development agenda of both sides.
H.E. Bin Touq underlined the importance of progress achieved by the UAE-India relations, which today represent a distinguished model for bilateral cooperation, and the mutual desire to continue expanding partnerships towards unprecedented horizons. H.E pointed out that the comprehensive economic partnership agreement (CEPA) signed by the two countries last month as a milestone in the history of bilateral cooperation, which will play a pivotal role in stimulating economic growth, creating new business opportunities. It will also facilitate exchange of knowledge and attract talent in strategic sectors, both at the bilateral and the regional levels. The UAE-India model of cooperation presents broad prospects for expanding trade and investment activities with partners from foreign markets in the region and the world, he noted.
Furthermore, the two ministers agreed on the importance of intensifying joint efforts between the two countries during the next phase to maximize the benefit of the UAE and Indian business communities from the outcomes of the recently signed CEPA. The two sides also discussed the strengthening of channels of communication and partnerships between the private sector in the UAE and Tamil Nadu to develop trade and investment partnerships between the two sides. These focused especially on the fields of industry, advanced manufacturing, services, agriculture, food security and trade in food products – Tamil Nadu’s most prominent economic activities.
Meanwhile, the Tamil Nadu Chief Minister highlighted the strength of the bilateral ties that bind the two countries, indicating his state’s keenness to explore opportunities to expand trade and investment cooperation with the UAE and to support and encourage investors to build new partnerships in priority sectors. These include food industries, manufacturing industries, infrastructure and other promising development sectors. He also invited the Minister of Economy to lead an economic and commercial delegation to Tamil Nadu to explore investment and trade opportunities and possibilities of joint cooperation offered by the South Indian state.
The UAE is the largest Arab investor in India, accounting for more than 2% of the total foreign direct investment into India, which exceeded USD 12 billion by the end of 2021.
The non-oil trade between the UAE and India reached AED 165 billion (USD 45 billion) by the end of 2021, reflecting a growth of 60% compared to 2020, and 8% compared to 2019.
The foreign trade between the two countries is expected to reach AED 367 billion (USD100 billion) within seven years by 2030.