Dubai, UAE — The UAE continues to be the second most important export destination for India, according to annual trade figures released by India’s Ministry of Commerce and Industry.
The US and the UAE retained the first and second places respectively in this category during the financial year 2022-23, the Ministry’s figures showed.
The figures for the year were released a fortnight after the new year began. They showed that India’s overall exports of merchandise and services rose by six percent during the financial year that got over at the end of last month.
In January, Dubai Chamber hosted the India-UAE Partnership Summit at its headquarters in Dubai.
India’s Minister of Commerce and Industry Piyush Goyal inaugurated the summit with an opening keynote where he highlighted that the UAE-India Comprehensive Economic Partnership Agreement (CEPA) has given a natural boost to key sectors such as food and agriculture products as well as gems and jewelry.
“India and the UAE are both pursuing dynamic trade and investment policies. India hopes to see its exports touch US$1 trillion in the near to medium term. Our growing bilateral trade will play an integral role in the UAE’s efforts to double the size of its economy by 2030,” Goyal had said.
Mohammad Ali Rashid Lootah, President and CEO of Dubai Chambers, revealed that the number of new Indian companies that joined Dubai Chamber of Commerce in 2022 exceeded 11,000, bringing the total number of Indian companies registered with the Chamber to more than 83,000.