India and UAE can collaborate on other aspects to support 7% growth: UAE economy minister Al Marri

Trade is a box that has been checked, but there are many more aspects where India and UAE can collaborate, said UAE economy minister Abdulla bin Touq Al Marri.

“India and UAE are part of the same 7% club of growth,” Al Marri said at a CII event in New Delhi on Wednesday, pointing out that both countries could aid each other in reaching their economic goals.

UAE wants to become a $1.2 trillion economy within the next seven years, whereas India is targeting a $5 trillion goal.


Al Marri contended that minilateralism could help both countries in this regard. He said that “agreements are being reached with a smaller number of more aligned countries. The India-UAE CEPA, I2U2 or International Solar Alliance are all examples of minilateralism. India and UAE are part of the same club of growth.

“We can serve more than 3 billion people worldwide,” Al Marri noted.

I2U2 is a grouping of India, Israel, UAE and the US focusing on water, energy, health food security investments, among other sectors. The comprehensive economic partnership agreement is a free trade agreement signed between India and the UAE in February 2022.

While Al Marri remarked that the geo economy is fragmented, he said that UAE and India are becoming more interconnected in their economic and policy approach.

“Minilateralism has gained more traction and emphasises the significance of collaboration, where smaller and like-minded groups can think together,” he noted.

Al Marri noted that UAE could become a trade hub for India to expand towards Africa and the West.

He said that now that the trade part was done, the countries could focus on collaboration in business, research, and digital economy.

“This is where I see the potential of the next 7% growth for both countries,” he added.

However, he did underscore the need to work on multi-lateral frameworks to serve diverse interests.

The minister also focused on the need to support MSMEs as vehicles of growth.

UAEs Investopia and CII signed a Memorandum of Understanding at the event. Investopia was launched as an investment platform and counts International Financial Corporation as a partner.