Trade between UAE and India to hit $100bn in 2020
Economic experts predict the value of trade between the UAE and India will hit $100bn in 2020, Emirates New Agency reports.
Currently, India accounts for 9.8% of its total non-oil trade, making it the largest importer of goods from the UAE. In addition it ranks third in its exports to the UAE, accounting to about 9.2% of total exports. The total volume of foreign trade between the two nations has amounted to $60bn in 2014.
India is the seventh largest economy in the world with a total GDP worth about $2,182.577bn in 2015, according to World Bank statistics, achieving growth of up to 6.4% from 2014.
In a report on economic and trade relations between the UAE and India, the UAE Ministry of Economy recommended the strengthening of bilateral relations, increasing of the volume of joint investments and expansion of bilateral trade to make the UAE India’s primary trade partner.
The economic report highlighted that there are diverse sectors that attract foreign direct investment in India, including transportation, oil, construction services, cement products, and electrical equipment among others.
UAE’s investments in India are mainly concentrated in five sectors, with construction development at the top.
Construction development – 16%
Energy – 14%
Metallurgical industries – 10%
Services – 10%
Computer software and hardware – 5%