India-UAE globalisation conference pitches for greater trade

DUBAI: India and the UAE have agreed to strengthen their bilateral trade and investment ties as top industry leaders from both countries met at a conference held here.

Speaking at the second India-UAE conference on globalisation yesterday, UAE's Cabinet Member and Minister of Culture and Knowledge Development Sheikh Nahyan bin Mubarak Al Nahyan expressed optimism about the growth of trade and investment between India and the UAE and favoured greater international cooperation and exchange to help the global economy.

Nahyan also praised All India Management Association (AIMA), organisers of the one-day conference, for creating a platform to promote mutual understanding and cooperation between policy and business leaders of the two countries, a statement said.

India's ambassador to the UAE Navdeep Singh Suri also addressed the conference and highlighted the growing trade and investment ties between the two countries.

Suri said the frequent interactions between Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan were far-reaching developments in the relationship between the two countries.

Organisers of the event said the conference included focused sessions on some key areas of mutual interest and cooperation between India and the UAE.

They said that the UAE was already the largest trading partner of India in West Asia and the two countries have now decided to form a Comprehensive Strategic Partnership.

More than 20 agreements have been signed between the two countries in the past two years for collaboration in diverse areas including infrastructure, renewable energy, defence production, joint military exercises, maritime security, counter-terrorism, space technologies, cyber security, agriculture and human traffic prevention, they said.

UAE's commitment to invest USD 75 billion in Indian infrastructure is of particular significance to the growing relationship, they added.

India sources a substantial part of its oil requirement from the the UAE and the gulf country is helping it build its oil reserve. The Abu Dhabi National Oil Company has agreed to store oil at India's reserve storage.