The UAE has participated in the opening of the Global Investors Summit, which kicked off recently in Indore City, the capital of Madhya Pradesh in central India. His Excellency (HE) Abdullah Bin Ahmed Al Saleh, Undersecretary for Foreign Trade and Industry, Ministry of Economy, led the UAE delegation with the presence of Dr. Ahmed Abdul Rahman Al-Banna, UAE’s Ambassador to India.
The event was also attended by government delegations from the state of Madhya Pradesh, including top-level officials and guests from institutions, government departments and representatives from the private sector.
The summit is being held with a series of seminars and panel discussions, looking for ways to promote joint investments in agriculture and food industries, technological innovation and clean energy cars, pharmaceuticals, textile, tourism and energy.
During his speech at the opening session, HE Al Saleh emphasised the strong bilateral ties between UAE and India, the latter being UAE’s first trade partner. He noted that the volume of trade between the two countries has amounted to $50 billion for the 2015-2016 period which is expected to reach record levels.
HE Al Saleh said that foreign trade with India accounts for about 9.8 per cent of the UAE’s total non-oil foreign trade. India is the largest importer of goods from the UAE, with goods from the country being exported to the subcontinent nation hitting about 14.9 per cent of the UAE’s total exports and 8.7 per cent for re-exports, making India the second largest export market for the country.
The UAE is also the largest Arab investor in India, with total investments exceeding $10 billion, in addition to $4 billion worth of direct investments, which is equivalent of 85 per cent of the total Arab investments in India.