Growth in the volume of non-oil trade between the Emirates and India
Growth in the volume of non-oil trade between the Emirates and India

The UAE and India have strong economic ties, and their cooperation has witnessed continuous growth over the past decades, which is confirmed by trade figures between the two countries.

India is, despite the current developments in the Corona virus, one of the major emerging economies in the world, and the UAE economy is one of the most important economies in the Middle East and North Africa region.

The UAE and India enjoy strong commercial and economic relations across various sectors, and bilateral trade continues to rise through government support and interaction between the peoples of the two countries.

 The governments of the two countries attach special importance to the consolidation of this strategic relationship, and it has entered a strong growth stage that promises to exceed bilateral trade by 100 billion dollars by 2020.

The UAE’s Ministry of Foreign Affairs and International Cooperation said on its Twitter site today, Saturday, that the volume of non-oil trade between the two countries in 2019 amounted to $ 41.4 billion.

"The UAE's non-oil exports and re-export activities to India in 2019 amounted to 14.7 billion dollars, while imports amounted to 26.7 billion dollars," she added.

She pointed out that the annual non-oil trade between the two countries increased from 2018 to 2019 by 15.3%.

The numbers indicate that India is the first global destination for exports of non-oil emirates in the period from 2004 to 2019, and India ranked second to UAE imports in 2019.

India is the third largest global destination for non-oil products re-exported from the UAE in 2019.

The figures show that five sectors accounted for the largest share of Indian direct investment in the UAE from 2003 to 2019.

These sectors are "oil, gas, coal, real estate, chemical industries, hotels, tourism and financial services"

Non-oil trade between the United Arab Emirates and India grew by 1495% or nearly 15 times between the beginning of the new millennium and until 2018, according to recent official data.

The UAE and the Republic of India share regular historical and cultural ties at the official and popular levels.

Dubai Center

A few days ago, the Dubai International Financial Center announced the opening of the regional office of Tata Asset Management Limited in the financial center, which is one of the forerunner asset management companies in India and belongs to the Tata Group, which is based in India.

After Tata Asset Management obtained its license from the Dubai Financial Services Authority, the company formally joined the DIFC community from April 2020, where the establishment of the new office will contribute to enhancing interaction with dealers and business development.