Union Minister Shri Piyush Goyal recently reaffirmed his confidence in the growing UAE-India partnership. During a meeting with prominent business leaders from both nations hosted by the Abu Dhabi Chamber, the Minister emphasized the potential for mutual growth and collaboration between India and the UAE.
UAE’s Vital Role in the Partnership
Shri Goyal underscored the pivotal role played by the United Arab Emirates (UAE) in this dynamic partnership. He pointed out that the UAE stands as India’s second-largest export destination, third-largest trade partner, and the largest contributor to foreign direct investment. The Comprehensive Economic Partnership Agreement between the two countries forms a strong foundation for their collaboration.
Both India and the UAE share a rich history, culture, and tradition, which, when combined with their contemporary capabilities and future prospects, create a fertile ground for this partnership to flourish. Shri Piyush Goyal believes that these factors provide the impetus for both nations to strengthen their ties further.
Diverse Collaboration Areas
The Minister highlighted several critical areas of cooperation between India and the UAE, spanning food security, education, energy security, climate change mitigation, and space technologies. Initiatives such as Startup20, B20, the UAE-India Business Council, and Bharat Bazaar were also brought to the forefront.
Shri Piyush Goyal pointed out that India offers significant opportunities for UAE businesses. With 1.4 billion aspirational citizens, India represents a vast market. He emphasized the “30 by 30 by 30” opportunity, underlining India’s youthful demographic and its ambitious goal of adding $30 trillion to its GDP by 2047. The Minister encouraged businesses to embrace these prospects and collaborate in the spirit of cooperation and competition.
A Defining Partnership of the 21st Century
Goyal acknowledged the warm reception he received and the enthusiastic commitment to strengthening the UAE-India partnership. He noted the deep-rooted affection that both nations’ people share and the substantial contributions made by businesses to fortify this strategic geopolitical alliance. He envisioned this partnership as the defining alliance and brotherhood of the 21st century.
The Minister highlighted India’s remarkable economic growth under the leadership of Prime Minister Shri Narendra Modi. Over the past nine years, India has transformed from one of the fragile five economies globally to becoming the world’s fifth-largest economy. Goyal expressed optimism about India’s ambition to become the world’s third-largest economy within the next four years, terming the next 25 years as a golden period for India’s development.
A Rising Tide for All
In his closing remarks, Shri Piyush Goyal likened the UAE-India partnership to a rising tide that lifts all boats. He firmly believed that the burgeoning friendship and cooperation between the two nations would offer tremendous opportunities for businesses on both sides. This vision underscores the enduring commitment to strengthening the UAE-India partnership for the benefit of all stakeholders involved.
