India, UAE jointly eye African and Eurasian markets

New Delhi: UAE President Md Bin Zayed's three-hour visit to New Delhi on Monday evening not only focused on forging a strategic defence agreement but also had a strong economic dimension with an ambitious goal of expanding into third countries in Eurasia and Africa.

During the meeting, Prime Minister Narendra Modi and Bin Zayed directed their respective teams to work towards connecting micro, small and medium enterprises (MSMEs) on both sides in what would be the first such initiative between New Delhi and Abu Dhabi.

The two leaders called for expeditious implementation of key initiatives, such as the 'Bharat Mart', the 'Virtual Trade Corridor' and the 'Bharat-Africa Setu' to promote MSME products across the Middle East, West Asia, Africa and the Eurasia region, according to a joint statement issued after the visit.


It may be pointed out here that UAE has over the past few years expanded its commercial presence across Africa besides working on ports along coastal African states as part of its economic engagement.

Simultaneously, UAE has widened its economic partnership with Russia in the backdrop of personal chemistry between the UAE President and Russian President Vladimir Putin. UAE is also expanding its commercial presence in Central Asia without any political goals unlike some other countries belonging to the Organisation of Islamic Cooperation.

Modi also invited UAE sovereign wealth funds to participate in the second Infrastructure Fund, scheduled for launch later this year.

The two leaders also welcomed the establishment of DP World and First Abu Dhabi Bank (FAB) branches in Gujarat's GIFT City, reinforcing its emergence as a leading international financial centre. FAB's GIFT City branch will act as a key bridge, connecting Indian corporates and investors to its expertise and global network across the Gulf Cooperation Council (GCC), and Middle East and North Africa (MENA) markets.

Modi and Bin Zayed also directed their teams to work towards interlinking their respective national payment platforms.