Al-Zeyoudi discusses ways to develop economic relations with India

Abu Dhabi: «The Gulf»

met dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, with a group of ministers concerned with the economic sectors from India, as part of his visit at the head of an official Emirati delegation to the Indian capital, New Delhi, during which talks were launched to reach a comprehensive economic partnership agreement between the two countries. The series of ministerial meetings included Al Zeyoudi’s meeting with the ministers of commerce, industry, civil aviation, finance, electronics and information technology.

Two-way trade

Dr. Thani Al Zeyoudi held an extensive meeting with Piyush Goyal, Minister of Commerce and Industry of India, to outline ways to stimulate intra-trade movement and create more investment opportunities.

During the meeting, Minister Al Zeyoudi affirmed that the UAE believes that facilitating trade flows between the countries of the world and creating more opportunities for cooperation and investment contributes to stimulating the recovery of the global economy from the negative effects of the “Covid 19” pandemic, noting that strengthening economic relations between the UAE and India will be A role model in this regard.

Al Zeyoudi also touched on the ambitious projects and initiatives recently announced by the UAE under the umbrella of the “50 Projects” that contribute to achieving qualitative leaps for the UAE economy, serving the agenda of economic diversification and sustainable growth for the country, and consolidating the UAE’s competitiveness in global markets, in addition to consolidating the attractiveness of the legislative environment. For global investment, and accelerating the use of the technologies of the Fourth Industrial Revolution in manufacturing, health care, smart services and renewable energy, noting that these projects provide areas for cooperation, investment and achieving mutual interests through the comprehensive economic partnership agreement between the two countries.

aviation sector

Al Zeyoudi also met with Jyotiraditya Sindiam, Minister of Civil Aviation. During the meeting, Al Zeyoudi focused on the increasing importance of the aviation sector for both countries, and highlighted the possibility of increasing air connectivity between the UAE and India, which will have a multiplier effect on the growth of trade and tourism. The two ministers discussed the possibility of increasing the seat capacity of Emirati planes that depart from India during the Expo 2020 Dubai, in addition to increasing the number of airports that provide direct services to the UAE.

electronics

During Al Zeyoudi’s meeting with Ashwini Vaishnau, Minister of Electronics and Information Technology, they discussed the possibility of creating new opportunities in the ICT sector based on the Comprehensive Economic Partnership Agreement. The two ministers reviewed ways to enhance the exchange of knowledge and experiences and to enhance foreign direct investment.

«fintech»

Minister Al Zeyoudi also met with Nirmala Sitharaman, Minister of Finance, to explore the sectors through which the Comprehensive Economic Partnership Agreement will contribute to strengthening and deepening economic and trade relations between the two countries. One of the most notable was the growing financial technology sector in the UAE, which is expected to grow by 20% annually over the next five years, reaching a market value of $305 billion by 2025. The capabilities of the FinTech sector in India are also promising, as its value is estimated It currently stands at $31 billion and is expected to rise to $84 billion by 2025.

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