Thaindian News

New Delhi, Feb 10 (ANI): Commerce and Industry Minister Anand Sharma today said that bilateral trade between India and UAE has registered an increase over 300 per cent in the last five years.

During a bilateral meeting with Sheikha Lubna Bint Al Qasimi, Minister of Foreign Trade, United Arab Emirates, here, Sharma said that UAE is the topmost trading partner of India representing about 60 per cent of India’s export to GCC countries 2009-10.

Sharma said that there is lot of business and investment potential which can be further exploited to mutual advantage of both the countries.

“India-UAE Trade Policy Forum set up by the two countries to facilitate bilateral trade which needs to be further strengthened,” he added.

During the interaction, both sides felt that tourism sector is one the areas that has good potential for future growth, especially medical tourism. Another area with considerable scope for cooperation in tourism is construction and maintenance of hotels.

Sharma informed his counterpart that there is a good scope for UAE to invest in overall tourism sector in India which would help for both the countries to enhance tourist arrivals.

Sharma said that since UAE is focusing on knowledge based industries and with India emerging as world leaders in space, agriculture, pharmaceuticals, and bio-technology, there is considerable scope for co-operation in technology transfer, research and development and for joint-venture.

“India has a vast market and UAE investors would find industrial partners in India to set up mutually advantageous industrial complexes in the Gulf as well as in India and third countries to cater to the markets worldwide,” he added

The total trade has increased from 12,945.87 million dollars in 2005-06 to 43,469.50 million dollars in 2009-10.

The exports from India, up from 8,591.79 million dollars in 2005-06 to 23,970.40 million dollars in 2009-10. Similarly imports from UAE, up from 4,354.08 in 2005-06 to 19,499.10 million dollar in 2009-10. (ANI)