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India’s exports to the GCC grew by 44% to $43.9 billion in 2021-22, compared to $27.8 billion in the previous fiscal year, with the UAE leading the trade with 68% growth, valued at $28 billion, compared to 2021 $16.7 billion annually.
That’s according to the Federation of Indian Export Organisations (FIEO), the top body of the country’s Export Promotion Council.
In a statement at the niche fair Super Sourcing Dubai (SSD), co-hosted with Propaper Dubai 2022 at the Festival Arena in Dubai Festival City from September 20 to 22, a senior FIEO official said paper exports to GCC and related products touch US$ 638 million in 2021, of which the UAE accounts for the major share of trade with US$ 386 million.
increase exports
“Our exports to the GCC in the 2021-22 financial year have been very strong. In addition to the UAE, our exports to Saudi Arabia have increased by 49%, Oman by 33%, Qatar by 43% and Kuwait by 17% , exports to Bahrain increased by 70%.” Philips.
In the paper industry, India has a 16% market share in the GCC and aims to monopolize a 25% market share by 2027 through the signing of the Comprehensive Economic Partnership Agreement (CEPA) with other Gulf countries. India and the UAE signed CEPA in February this year, which will come into force on May 1, 2022. The cumulative demand for paper and related products in the GCC market is estimated at over US$3.8 billion.
“After signing CEPA with the UAE, we see a lot of opportunities for Indian companies and believe that having such a large contingent participating in SSD, which is probably the largest after Expo India Dubai, will further boost our trade,” Dr Sahai said. It added that export prospects will further expand as zero-tariff access for Indian products to the UAE is expected to expand to 97% of the UAE tariff line, or 99% of the value of Indian exports, within 5-10 years.
SSD is the exclusive exhibition for Indian exporters to connect with decision makers from supermarkets, hypermarkets, retail chains, purchasing agents and importers in the Middle East, GCC and Africa region.
Actively promote
“FIEO has been actively promoting the increase of India’s exports to the GCC region. During this fiscal year, FIEO has planned various activities to develop India’s exports to the region, including exhibitions, B2B delegations, interactive sessions and capacity building programmes,” FIEO President Dr. A Sakthivel said.
He said FIEO has already participated in exhibitions and trade events in Qatar, Egypt, Jordan, Oman, UAE and Saudi Arabia, with more to come in Bahrain, Kuwait, Iraq, Oman and the UAE.
India-UAE CEPA expects to boost merchandise trade to $100 billion by 2030. In addition, the agreement will provide opportunities for micro, small and medium enterprises and provide 1 million jobs. India is the UAE’s second largest trading partner and largest export partner. Under CEPA, about 90% of exports and 80% of trade lines from India and the UAE are immediately tariff-free. arab trade news agency
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