The robust flow of bilateral investments and an annual bilateral trade of about US$ 60 billion ensures that the UAE is India’s third-largest trade partner. Do you think that there is still space to grow? Which measures need to be taken? Says the Economic Times, and there’s always a room for improvement and growth, though what it could be now is the matter of concern.
We can still work on improving and strengthening our trade relations by taking care of factors such as increasing transparency of existing regulations. Besides, capacity building would strongly help in gaining trust and facilitate trade partners to work more effectively by reducing procedural obstacles, and by supporting them to comply with regulatory requirements for increased work efficiency.
The UAE, in the coming years, is expected to make more investments in key sectors of the Indian economy. In the food sector, for instance, the UAE has already confirmed US$ 7 billion worth of investment. On the other hand Operation 300 billion could be taken as a new golden opportunity to seek it as ground to show case the talented Indians too!
Dubai is fast becoming the new Silicon Valley for many Indian start-ups and tech companies, which have paved their way into the UAE market by offering ground-breaking solutions to both government organizations and private companies. The growing ties between India and the UAE, has led to the surge in hiring of IT professionals from India.
The India-UAE relationship has truly strengthened during the pandemic like never before, as both the countries worked tirelessly to ensure that both residents and expatriates were not left stranded amidst the pandemic by facilitating travel arrangements between the two countries. Both countries had also initiated bilateral cooperation in sectors such as food security and healthcare, which are two of the most important areas to focus during a pandemic.