ABU DHABI: Mohamed Hassan Alsuwaidi, Minister of Investment, said that the UAE and India have historical relations based on a set of shared values that have evolved into a strong strategic partnership that supports the two countries’ progress and prosperity.
In statements to the Emirates News Agency (WAM) on the occasion of the visit of Indian Prime Minister Narendra Modi to the UAE, Alsuwaidi added that the investment cooperation between the UAE and India, which was recently crowned by the signing of strategic agreements, reflects the UAE’s continued commitment to driving the economic development process in the two countries by developing investment opportunities and ensuring their promotion in various sectors and fields.
The minister pointed out that Indian companies have a distinguished presence in the UAE, which has provided them with promising prospects for expansion in a rapidly growing market. He added that the new investment cooperation contributes to building bridges and creating new economic and i
nvestment paths for Emirati companies in promising economic sectors in India.
In January, the Ministry of Investment signed three Memorandums of Understanding (MoUs) with the Republic of India to promote bilateral investment cooperation in the renewable energy, food processing and healthcare sectors.
The MoUs underpin the UAE’s firm commitment to supporting the sustainable development of India’s thriving economy, which is expected to witness significant growth estimated at 7.3 percent during the current fiscal year.
The economic cooperation between the UAE and India is enjoying significant and rapid growth due to the multiplicity of its sectors and fields, thanks to the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, which entered into force in May 2022. The volume of bilateral trade between the UAE and India reached US$84.5 billion during the period from April 2022 to March 2023, and it is expected to rise to US$100 billion by 2027.
The UAE is the seventh-largest investor i
n India, with investments estimated at US$17 billion by the end of September 2023. The cooperation between the UAE and India focuses on promoting effective cooperation by building strong relations between institutions in the public and private sectors, while providing competitive incentives that support joint initiatives in various fields and enhance the exchange of experiences and knowledge.
Source: Emirates News Agency