New Delhi, India – The GDP of the UAE went up by 7.6 percent in 2022 and the FDI inflows to the country amounted to US$171.6 billion, the UAE minister of economy Abdullah bin Touq Al Marri revealed in his speech at the CII Partnership Summit 2023, being held in New Delhi from March 13 to 15.
“The country’s non-oil foreign trade also witnessed unprecedented growth as it crossed the AED2 trillion ($0.5 trillion) and AED233 billion ($59 billion) mark for the first time in its history with a 17 percent year-over-year growth,” Bin Touq said in his speech. “This confirms the efficiency of the initiatives and strategies of the UAE government.”
The summit aims to facilitate the exchange of ideas that can support sustainable development efforts and promote the use of technology in driving economic growth.
He said that the UAE supports global efforts to promote economic integration to meet current challenges.
“Economic fragmentation is likely to cost us dearly because the greater the fragmentation of trade, the greater the economic costs. I would also like to reiterate that the UAE, as an active member of the global financial and trading ecosystem, supports global efforts aimed at promoting economic integration,” Bin Touq said. “We believe that it is absolutely necessary to address the economic challenges of our times and build a more sustainable and prosperous future for all.”
The minister of economy praised “the historic ties between the UAE and India” which according to him have added a unique dimension to their economic partnership.
“India is one of the most vibrant economies worldwide today and has a wealth of resources, expertise and innovative ideas,” he said. “Similarly, the UAE’s strengths include its global status as a leading trade, investment and business hub and a gateway to the Middle Eastern and African markets.”
Bin Touq underlined the importance of the comprehensive economic partnership between the UAE and India, and its role in boosting trade flows between the two markets. The trade deal has cancelled or reduced customs duties by 90 percent on goods and commodities traded between both countries.
He explained that they cover nearly 95 percent of the value of commodities that each country imports from the other, which will accelerate the growth of non-oil trade to amount to US$100 billion per annum over the next five years.