UAE’s Economy Minister said that India and UAE have adopted a package of initiatives and joint action plans to stimulate the growth of Emirati and Indian startups…reports Asian Lite News
Abdullah bin Touq Al Marri, Minister of Economy, stated that UAE and India have adopted a package of initiatives and joint action plans to expand the sectors of the new economy in their markets and stimulate the growth of Emirati and Indian startups so as to increase their contribution to the growth of the gross domestic product of the two countries.
‘’The UAE and the friendly Republic of India are united by strong bilateral relations and a sustainable strategic partnership, as economic relations were characterized by continuous development and common denominators in visions and strategies aimed at expanding in new economic sectors as vital drivers that support sustainable growth and competitiveness of their economy,’’ said Abdullah Bin Touq in a statement to the Emirates News Agency (WAM) on the occasion of the Prime Minister Shri Narendra Modi to the UAE on Saturday.
The minister said:’’ The Emirati-Indian economic cooperation is gaining increasing momentum in sectors of the circular economy, tourism, aviation, entrepreneurship, small and medium enterprises, renewable energy, technology, digital transformation and transportation, in light of their economic partnership and the capabilities.’’ The two countries, he added, affirmed their mutual desire to bolster cooperation in areas of common interest to stimulate the economic growth of the two countries and create new, promising opportunities for Emirati and Indian business communities.
‘’We are determined to advance our economic partnership with our partners in the Indian government and to continue joint efforts, especially since India is one of the five largest markets exporting tourism to the country, ‘’ he said, adding that non-oil foreign trade between the two countries reached AED 188.8 billion in 2022, a growth of 15% compared to 2021.
Modi visit to add momentum
India’s Foreign Secretary, Vinay Kwatra, has said Prime Minister Narendra Modi’s one-day visit to the UAE “provides an opportunity for us to review this important partnership and inject further momentum across the whole range of areas that we cooperate in.”
Stating that “we have all seen in front of our eyes in the last few years a significant transformation that has taken place in India-UAE relations,” Kwatra said the “central driver of this has been the vision of the two leaders, the President of the UAE, His Highness Sheikh Mohamed bin Zayed Al Nahyan, and the Prime Minister of India.”
The Foreign Secretary is India’s highest-ranking professional diplomat. He noted with satisfaction that the UAE is a special invitee during the Group of Twenty (G20) Summit in New Delhi in September under Indian Presidency.
“India and UAE are also cooperating very closely on the COP28, which will be held in UAE in November-December,” Kwatra’s statement said.
The Foreign Secretary continued: “We have seen a significant jump, a qualitative enhancement in the substance of our engagement across the whole range of areas since the signing of the Comprehensive Economic Partnership Agreement (CEPA) last year. The partnership has continued to grow from strength to strength. This is particularly reflected in the strong economic exchanges, both on the trade side but also on the investment side.”
Elevating ties
President His Highness Sheikh Mohamed bin Zayed Al Nahyan met with Indian Prime Minister to take the strategic partnership between the UAE and India to the next level, following the signing last year of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries.
During their meeting at Qasr Al Watan in Abu Dhabi, His Highness welcomed the visit of Prime Minister Modi as an opportunity to further strengthen bilateral ties for the benefit of both nations and their people – across economic, investment, development and renewable energy fields, as well as health, food security, education, and advanced technology.
The two leaders explored opportunities to accelerate the growth in relations between the UAE and India and ways to encourage further bilateral ties at the people-to-people level.
During the meeting, Sheikh Mohamed and Prime Minister Modi exchanged views on a number of regional and international issues, stating that the UAE and India remain key supporters of all efforts aimed at promoting peace and stability throughout the region and the world. Both sides stressed the importance of dialogue and diplomacy in reaching peaceful solutions to disputes and ensuring the safety and security of societies affected by conflict and crises.
During the meeting, His Highness and the Indian Prime Minister also discussed the COP28 climate conference to be hosted by the UAE later this year. His Highness noted that given its influential role within the international community, India’s active participation at COP28 was eagerly anticipated, and the UAE was looking forward to exploring ways to expand upon the two countries’ constructive cooperation in the field of climate action.
His Highness thanked Prime Minister Modi for India’s support for the cooperative relationship between the UAE and both the Shanghai Cooperation Organization and the BRICS group, and also expressed his appreciation for the UAE being invited to participate as a guest in the work of the G20 under India’s presidency in 2023. The UAE President stated his confidence that India’s active leadership of the group during the current year will have an important impact on producing results that are in the interest of the whole world.
The Prime Minister of India expressed his appreciation for the warm reception and thanked His Highness for his continuous efforts to reinforce the longstanding ties between their two countries. Mr Modi reaffirmed his wish to continue working with His Highness to advance UAE-India relations with the aim of achieving the sustainable development ambitions of both sides.
Writing in the VIP guestbook, the Prime Minister expressed his hope that relations between the two countries will continue to witness further development and prosperity in the coming years.
Following the meeting, a luncheon was held in honour of Prime Minister Modi and his accompanying delegation.
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