March 15, 2023
3 mins read

Al Marri: UAE supports efforts for economic integration

The Minister of Economy added that the UAE reinforced its ability to serve as a strategic partner to India by establishing itself as a leading provider of logistics…reports Asian Lite News

Abdullah bin Touq Al Marri, Minister of Economy, participated in the CII Partnership Summit 2023, which is being held in New Delhi, India, from 13th to 15th March under the theme “Partnerships for Responsible, Accelerated, Innovative, Sustainable and Equitable Businesses”.

The Summit aims to facilitate the exchange of visions and ideas that can support sustainable development efforts and promote the use of technology in driving economic growth.

In his speech, Bin Touq said, “The historic ties between the UAE and India add a unique dimension to our economic partnership. Besides, both countries believe in the potential of fair and sustainable trade that is based on clear foundations and rules. India is one of the most vibrant economies worldwide today and has a wealth of resources, expertise and innovative ideas. Similarly, the UAE’s strengths include its global status as a leading trade, investment and business hub and a gateway to the Middle Eastern and African markets.”

The Minister of Economy added that the UAE reinforced its ability to serve as a strategic partner to India by establishing itself as a leading provider of logistics, financial services and technology. The UAE is India’s third-largest global trading partner today, while India is the second-largest.

He continued, “We are proud of the strong presence of Indian companies in the UAE, and strive to provide them with all enablers for growth and expansion in our markets. People-to-people ties add more value to our partnership, as the Indian diaspora in the UAE is the largest expatriate community in the country that continues to make great contributions to the development of our economy.

The UAE government has adopted an array of measures that have enhanced the resilience of our economy in the face of these challenges. These efforts have led to the establishment of an environment that fosters business growth and attracts investments, the minister elaborated.

These include the granting of 100 percent foreign ownership; issuance of a legislation to protect intellectual property; and the launch of an ambitious strategy to attract talent and skills in all sectors to enhance the UAE’s position as a permanent hub for creativity and innovation.

In addition, the UAE has also launched a set of pioneering initiatives such as the global Investopia platform to create opportunities and enable future investments. Also, the comprehensive economic partnership agreements (CEPA) under which the UAE has signed four agreements so far – with India, Israel, Indonesia and Turkey.

“Negotiations with more strategic markets are currently progressing,” the minister added.

He pointed out that the adoption of such forward-looking policies has enabled the UAE’s real GDP to grow by 7.6 percent in 2022. Besides, FDI inflows to the country amounted to US$171.6 billion, The country’s non-oil foreign trade also witnessed unprecedented growth as it crossed the AED2 trillion and AED233 billion mark for the first time in its history with a 17 percent year-over-year growth. This confirms the efficiency of the initiatives and strategies of the UAE government.

The Minister of Economy underlined the importance of the comprehensive economic partnership between the UAE and India, and its role in boosting trade flows between the two markets. The trade deal has cancelled or reduced customs duties by 90 percent on goods and commodities traded between both countries.

He explained that they cover nearly 95 percent of the value of commodities that each country imports from the other, which will accelerate the growth of non-oil trade to amount to US$100 billion per annum over the next five years.

ALSO READ: World Bank lauds UAE’s leading position in gender balance

Previous Story

India praises renewable energy deal with UAE

Next Story

UAE, Japan explore fresh avenues of economic ties

Latest from -Top News

UN Slams Pakistan Over Minority Attacks

The minorities in Pakistan – including Ahmadiyya Muslims, Christians, Hindus, and Shia Muslims – continue to be neglected and increasingly subjected to targetted state-backed persecution….reports Asian Lite News Alarmed by rising violence

Cambodia-Thailand Agree to Truce

The border violence has claimed at least 35 lives and left more than 200 injured, based on figures from Thai and Cambodian officials….reports Asian Lite News Cambodia and Thailand have agreed to

Baloch Activist Thanks India, Slams Pakistan Terror

Mir Yar Baloch also appreciated the extraordinary courage and professionalism of the Indian Armed Forces, the “responsible and patriotic role” of the Indian media…reports Asian Lite News Prominent Baloch human rights activist

UK Warns China Over Taiwan Moves

Healey’s comments come amid rising global concerns over Chinese military activity around Taiwan and the growing Western focus on the Indo-Pacific region. British Defence Secretary John Healey has said the UK is

US Sticks to August 1 Tariff Deadline

US Commerce Secretary Howard Lutnick ruled out any possibility of an extension…reports Asian Lite News The US administration on Sunday said the August 1 deadline for imposing reciprocal tariffs remains unchanged and
Go toTop

Don't Miss

India rejects Yale environment index rating

As per Yale Centre for Environmental Law & Policy website,

UAE Reports Advances in Anti-Money Laundering Efforts

AlZaabi stressed that the UAE will continue to build out