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null H.E. Bin Touq attends Global Business Summit in India

18 Feb 2023

H.E. Bin Touq attends Global Business Summit in India


Minister of Economy: UAE and India share strong and solid relations that continue to witness growth in various economic and trade fields



H.E. Abdullah bin Touq Al Marri, Minister of Economy, participated in the Global Business Summit that took place in New Delhi, India, on February 17 and 18. In his speech at the Summit, H.E. Bin Touq emphasized the strong and solid historic relations shared by the UAE and India, which continue to grow across various trade and economic sectors.


H.E. Bin Touq said: “The Summit coincides with the one-year anniversary of the comprehensive economic agreement (CEPA) that was established between the UAE and India, which was signed in February 2022 and came into force in May 2022. The agreement drew a new roadmap to drive sustainable economic growth in both our countries.”


The Minister of Economy further highlighted the advantages and opportunities unlocked by the CEPA before the two countries’ markets, including the elimination of customs tariffs on more than 80 per cent of UAE and Indian goods. He specified the plan to entirely eliminate all customs tariffs between the two countries that amount to 10,000 within the next 10 years, further boosting trade and investment exchanges. In addition, the CEPA has enabled the access of service providers to markets in 11 main sectors and more than 100 sub-sectors, including digital trade and intellectual property rights. Besides, the agreement has established the framework for the creation of a joint council to promote investments and facilitate trade procedures between the UAE and India.

He stated: "The agreement played a key and major role in promoting the UAE-India non-oil foreign trade in 2022, which amounted to approximately AED 180 billion (USD 49 billion), with a 10 per cent compared to 2021. The UAE is currently India’s third largest global trade partner."

He added: "In collaboration with our partners in the Indian government, we look forward to enhancing cooperation in new areas, most notably food security, health care, renewable energy, communications, logistics, transportation, waste management, and space technology."

Moreover, H.E. Bin Touq pointed out that the economic policies and measures adopted by the UAE to enhance its investment climate have also increased its economy’s openness to the world and established several global trade partnerships. They have also boosted the competitiveness of the country’s economic legislation and enhanced its attractiveness to FDI.

In 2022, the UAE witnessed unprecedented economic growth as the GDP at constant prices recorded an 8.5 per cent growth in the first half of 2022. The Central Bank of the UAE raised its expectations for real GDP to reach nearly 7.6 per cent by the end of 2022, and 3.9 per cent in 2023. Moreover, the UAE's non-oil foreign trade exceeded AED 2.2 trillion for the first time in its history in 2022, with 17 per cent year-over-year growth. Meanwhile, total FDI inflows amounted to USD 20.7 billion in 2021 with a 4 per cent year-over-year growth, enabling the country to rank number one in West Asia and the Middle East and North Africa region in terms of FDI inflows.

According to a report issued by the Institute of International Finance, FDI inflows to the country are further expected to reach USD 22 billion in 2022, accounting for 4.3 per cent of the national GDP. This achievement reflects the global investor confidence in the UAE as an attractive destination for investment and trade.


H.E. Bin Touq said: “The UAE is keen to increase its investments in India in various sectors of shared interest. The UAE's sovereign wealth funds have already invested an estimated USD 10 billion in India, in the fields of renewable energy, communications, road infrastructure, real estate, and startups.”

Indian FDI in the UAE is also growing, as 11,000 new Indian companies were registered in 2022, taking the total number of Indian companies operating in the UAE to more than 83,000.


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