UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi has said the trade partnership with India is founded on historical ties of friendship and cooperation.
Media reports said that Al Zeyoudi made these remarks during his visit to India as head of a high-level Emirati delegation that met with Pinarayi Vijayan, Chief Minister of South Indian State of Kerala.
Al Zeyoudi also participated in the launch of the largest commercial center of the LuLu Group, which was attended by Dr. Ahmed Abdulrahman Al Banna, UAE Ambassador to India, and Yusuf Ali, Chairman of the Board of Directors of the Group, and senior officials.
During the visit, the sides discussed ways of reinforcing the economic, trade and investment relations between the two friendly countries.
“The UAE is looking forward to widening the scope of its economic relations with India and exploring opportunities for partnerships in new areas, including advanced manufacturing, food industries, healthcare, information technology, space, artificial intelligence, and other areas that are pivotal to establishing an economy of the future based on knowledge and innovation,” Al Zeyoudi said.
Al Zeyoudi also briefed Vijayan about the key developments in the UAE’s economic environment, following the announcement of the “Projects of the 50” and the launch of several strategic initiatives to reinforce the transformation to a new more flexible and sustainable economic model.
They also discussed ways of boosting their trade relations, enlarging the scope of their economic cooperation, and strengthening their bilateral cooperation based on promoting sustainable economic growth in the post-COVID-19 era.
India is the UAE’s second-largest trade partner, accounting for nine percent of the UAE’s overall global trade and 13 percent of the UAE’s non-oil exports.
During the first quarter of 2021, the value of their bilateral trade amounted to $21 billion, an increase of 70 percent compared to the same period last year. The UAE is also India’s third-leading source of imports, accounting for 40 percent of its total trade with the Arab world.
Some 13 percent of India’s exports are re-exported through the UAE to the Gulf Cooperation Council, Iran, Iraq and some Central Asian countries.