Key Points

Speaking about the renewed goal, Goyal highlighted the progress made since the Comprehensive Economic Partnership Agreement (CEPA) was signed. "You'll be pleased to know that the goal we set at the time of the CEPA, the Comprehensive Economic Partnership Agreement, was to achieve USD100 billion in bilateral trade. Last year, we achieved USD 100 billion in bilateral trade in just three years," he said.

Building on this milestone, Goyal emphasised the new focus on diversifying trade beyond traditional sectors. "We've set a new goal today: both teams will work on achieving USD 100 billion in non-oil, non-precious metals trade," he added, signalling a shift toward expanding the breadth of economic engagement between the two countries.

The announcement was made alongside a large Indian business delegation, with representatives from the Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce & Industry (FICCI), and the Associated Chambers of Commerce and Industry of India (ASSOCHAM).

Goyal noted the significance of the group's size, stating, "A large business delegation from CII, FICCI, and ASSOCHAM has accompanied me. More than 70 people, and I don't think such a large delegation has ever come from India to the UAE. This demonstrates the interest in increasing trade and investment with the UAE."

Further, Goyal underlined the cooperative relationship between India and the UAE, emphasising that there is "no competition between the two countries" but rather mutual support in expanding trade.

He outlined specific sectors targeted for growth, including textiles, home decor, fisheries, leather and leather goods, food processing, and pharmaceuticals.

"There's no competition between our two countries. We support each other. We've selected some areas this time to focus on expanding trade. One is the textile sector. Textiles, home decor, and the entire chain. One is the fisheries sector, leather and leather goods, food processing, and pharmaceuticals," he said.

He also expressed satisfaction over the growing investment relationship between the UAE and India, noting that the UAE has become the fifth-largest investor in foreign direct investment (FDI) in India.

He also mentioned ongoing discussions about encouraging foreign institutional investment (FII) in the Indian stock market.

"I am very pleased that the UAE has become the fifth-largest investor in FDI. They have also shown interest in FII investment, in investing in the stock market on a large scale, for which we are in discussions," he said.

Goyal praised the reforms introduced by Prime Minister Narendra Modi to improve the ease of doing business in India.

"The Minister here praised the steps taken by Prime Minister Narendra Modi to improve the ease of doing business. He praised the reduction of compliance burdens, promotion of decriminalisation, elimination of outdated laws, and the simplification of sub-processes, stating that India's economy will grow rapidly in the future. He has no doubt about this, and he wants the UAE to be a partner in India's development journey, and for both of us to move forward together," Goyal stated.

"We should also increase trade between the two countries, enhance people-to-people contact, cultural contacts, and collaborate in technology," he added.

Highlighting the significant growth of Indians working in the UAE, Goyal stated, "I am very happy to tell you that 10 years ago, only 2.2 million Indians were employed or worked in the UAE. Today, that number has increased to approximately 42 lakh crore. You can see the vast opportunities available here for our young men and women, our talented and skilled people. This includes professionals like chartered accountants, engineers, and technologists."

Goyal also stressed the strong and growing partnership between the two countries, quoting Prime Minister Narendra Modi: "Prime Minister Modi was right when he said that the relationship between India and the UAE will become a role model for the entire world, and we are confident that in this journey of development, as India emerges as a developed India, the UAE will continue to be our partner, our trusted partner."

Piyush Goyal is in the UAE for a two-day visit to co-chair the 13th India-UAE High-Level Task Force on Investments (HLTFI) with HH Sheikh Hamed bin Zayed Al Nahyan.

- ANI