Dubai, United Arab Emirates – India’s Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Piyush Goyal, stated at the India-UAE CEPA Interaction and B2B Meeting in Dubai, “I would want a larger share of the UAE market in the years to come, because for me, the target is $1 trillion of export of merchandise from India by 2030.” He was addressing the business leaders from India and the UAE at the event, alongside the UAE Foreign Trade Minister, H.E. Dr Thani Bin Ahmed Al Zeyoudi, and H.E. Dr Ahmed Albanna, UAE Ambassador to India.
“We are in the game for around $100 billion each way in the next six to seven years. We are in the game for at least $250 billion bilateral trade. I would like all our industry people to set the timeline. I think it's possible and I come with renewed enthusiasm after having achieved India's historic high of $400 billion plus exports for the first time ever,” claimed the Minister.
Despite the lack of tourism, travel, or hospitality services as a result of COVID-19, India has achieved a historic high in terms of service exports, close to $250 billion, he asserted, adding, “I want services and merchandise to reach a trillion dollar by 2030, and the UAE will play a very, very important role in this.”
Goyal said of the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE, “The UAE-India partnership is the strategic partnership of the 21st century. CEPA agreement between the two countries is not about trade alone, it's about trade in goods and services. It has a huge geopolitical and economic significance and also, in some sense, a great human element.”
Emphasizing the importance of the agreement as it gives a brand-new direction to bilateral relationships, be it energy security, food and nutrition security, or overall security of the two nations, he pointed out, “With new opportunities for businesses, job generation, increasing incomes, increasing opportunities for our young boys and girls, our startups, the agreement will set the door for new beginnings and have extraordinary outcomes.”
Furthermore, Goyal attended the INVESTOPIA Plenary Session at the Dubai Expo, which was attended by H.E. Abdula bin Touq Al Marri, Minister of Economy, UAE; Mukhtar Diop, MD, International Finance Corporation; and H.E. Hala El-Said, Minister of Economic Development, Egypt.
Speaking at INVESTOPIA, Goyal said, “We focus a lot on public investments. Our budget this year was largely about government-funded infrastructure projects, on the back of which we see the multiplier effect helping us on the demand side, and that is leading to more investments to meet the supply constraints.”
“We have been focusing on improving the lives of the people through public investment on one hand, and on the other hand, ensuring our economic security, which includes energy security,” he further added. “We are in a sweet spot where emerging markets have strengthened themselves over the last few years. They will certainly need to be supported if we have to meet the climate goals. We are yet to see the developed world come up with truly practical funding programs.”
Image Source: EXPO2020 Dubai