UAE-India partnership can serve the world: Piyush Goyal-News

Pius Goyal, the Federal Minister of India who is visiting the UAE, said that the UAE and India have many advantages and can cooperate to serve the world.

The minister stated that the two countries have a “natural partnership” that can create a win-win situation in terms of opportunities and employment.

“Investment is a big area and we can look forward to cooperating to a large extent. Over the years, the UAE has developed capabilities in industries where low-cost energy can help India develop high-quality products at attractive prices. Therefore, I believe this is a natural partnership that should benefit both countries; provide opportunities for the people of both countries; provide huge employment opportunities, especially in labor-intensive industries such as textiles, footwear, and food processing,” Goyal Speaking at a press conference at the Indian Consulate in Dubai on Saturday.

“India and the UAE have a lot of complementarities. We are not competing with each other. We can actually cooperate to provide services to most parts of the world. There are many areas of cooperation, such as textiles, leather, accessories, footwear, pharmaceuticals, healthcare,” meanwhile Goyal, who also serves as the Minister of Industry and Commerce, Consumer Affairs, Food and Public Distribution and Textiles, said.

He also talked about the “huge potential” of India and the UAE in mutual trade and investment.

The two countries have begun formal negotiations on a comprehensive economic development agreement to jointly tap global opportunities. The UAE has expressed its desire to become part of India’s US$1 trillion export goal.

India is the UAE’s third largest trading partner, with a trade volume of 60 billion U.S. dollars, second only to China and the United States. The UAE is India’s second largest export destination (after the United States), with exports in 2019-20 close to US$29 billion.

According to data released by the Indian delegation to the country, for the UAE, India is the second largest trading partner in 2019, with an amount of approximately US$41.43 billion (non-oil trade).

Goyal said the response from the UAE businessmen he met on this trip was “really great.”

“The excitement I saw and the potential demonstrated by all stakeholders-the people who imported goods and services from India, and the businessmen I met at the opening event (of the India Pavilion at Expo 2020) and the dinner last night… …. Everyone seems to like India,” Goyal said.

He said that businessmen have shown considerable interest in investing in India’s gems and jewellery, food processing industry and infrastructure development projects.

In addition to other business plans, the UAE has pledged to invest USD 75 billion from its sovereign fund, and the minister stated that India is ready to achieve its export goals.

The minister said that the UAE and India are also cooperating to address the challenges of climate change and manufacturing solar cell equipment.

Goyal listed the Indian industries that can contribute to and complement the economic growth of the UAE. Goyal said that Indian leather accessories, footwear, pharmaceuticals and healthcare, as well as the provision of software and IT services, and other technology industries have great potential.

Anjana Sankar

Anjana Sankar is a journalist based in the UAE, focusing on stories of global conflict, immigration and human rights. She has reported on the front lines of the wars in Yemen and Syria, and has written numerous articles about refugee crises in Bangladesh, Iraq and Europe. From interviewing Islamic State militants to joining the UAE army in Yemen, to earthquakes, floods, terrorist attacks and elections, she came out of the most dangerous conflict zone in the world without incident. With more than 14 years of experience, Anjana is currently an assistant editor of Khaleej Times and leads the reporting team. She often talks about women’s empowerment on a Facebook page with more than 40,000 fans.