Al-Zeyoudi: The two countries have promising opportunities for growth

AED 181 billion worth of non-oil bilateral trade between the UAE and India in 2022

Al-Zeyoudi discussed with Paras ways to enhance economic and trade cooperation between the two countries. From the source

The Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, and the Minister of Food Industries of the Republic of India, Pashupati Kumar Paras, discussed ways to enhance economic and trade cooperation between the two countries.

Al Zeyoudi stressed the strong relations between the UAE and India at all levels, noting that the volume of bilateral trade and mutual investments between the two countries has witnessed unprecedented growth, with the support of the leaderships of the two countries, in line with the development goals of both sides.

The total volume of non-oil foreign trade between the UAE and India in 2022 reached AED 181 billion, a growth of 10% compared to 2021, while the UAE is India's third largest global trading partner.

In terms of investments, the value of UAE investment flows to India amounted to about $ 15.4 billion by the end of 2022, and is based on the sectors of renewable energy, telecommunications, road infrastructure, real estate and startups, in contrast, Indian investments are witnessing a continuous increase in the UAE, where 11,2022 new Indian companies were registered in 83, bringing the total Indian companies in the country to more than <>,<> companies.

Al-Zeyoudi said: "The two countries have many promising opportunities for joint growth and prosperity by focusing on consolidating trade and investment relations, as there is integration between the business communities in the two countries, and we aim during the next stage to expand and diversify the umbrella of bilateral cooperation in areas of common interest, and to take advantage of the available economic and commercial components, to push economic growth forward, and stimulate mutual investments in the fields of food industries."

The two sides discussed ways to develop new pathways that allow the business communities in the two countries to explore more favorable opportunities in the food security sectors, in order to support the growth of food exports between them, and stressed the importance of Gulfood 2023, as a leading global platform that allows countries from all over the world to showcase the best technologies and innovations in the fields of food industries, and enhance cooperation between the food and beverage communities.

Trade in food commodities between the UAE and India continues to grow, recording about AED 10 billion, or 5.3% of the total non-oil merchandise trade between the two countries in 2022. In July 2022, the UAE announced an investment of $<> billion to develop a chain of integrated food complexes in India, based on advanced climate technology that contributes to increasing crop productivity, as it aims through the establishment of these food complexes to address food insecurity in South Asia and the Middle East.

• The volume of bilateral trade and mutual investments between the two countries has witnessed unprecedented growth.