By TCN News,
New Delhi: The bilateral trade between India and United Arab Emirates has registered an increase over 300% in the last five years. Still there is scope for cooperation in technology transfer and R&D, said Anand Sharma, Union Minister of Commerce and Industry in a bilateral meeting with visiting Minister of Foreign Trade, UAE, Ms. Sheikha Lubna Bint Al Qasimi, here today.
Mr Sharma said that UAE is the topmost trading partner of India representing about 60% of India’s export to GCC countries 2009-10. There is lot of business and investment potential which can be further exploited to mutual advantage of both the countries, he added. India-UAE Trade Policy Forum set up by the two countries to facilitate bilateral trade which needs to be further strengthened, he urged.
The total trade has increased from US $ 12,945.87 million in 2005-06 to US$ 43,469.50 million in 2009-10. The exports from India have gone up from US$ 8,591.79 million in 2005-06 to US$ 23,970.40 million in 2009-10. Similarly imports from UAE are up from 4,354.08 in 2005-06 to US$ 19,499.10 million in 2009-10.
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. Shri 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 top five exportable items from India to UAE are Gems & Jewellery; Petroleum (crude & Products); Rice-Basmati; Machinery and Instruments; and Manufactures of Metals. Similarly top five importable items from UAE to India are Petroleum (crude & Products); Gold; Pearls Precious & Semi-precious stones; Metaliferrous Ores & Metal Scrap; and Non-Ferrous Metals.