UAE seeks greater bilateral ties with India: Min of Economy

The UAE has said it is seeking to achieve greater cooperation with India in trade and economy and would try to leverage investment opportunities aimed at furthering bilateral ties.
Minister of Economy Sultan bin Saeed Al Mansouri said this before leaving for India for a three-day business summit in Bangalore.
He also pointed out at multiple economic cooperation opportunities for establishing joint projects between the two countries.
Highlighting the distinguished economic ties between the two countries, Al Mansouri described the UAE as the largest trade partner of India and ranks first globally.
The trade volume between the two countries reached nearly USD 41 billion in 2012, while the UAE's imports reached USD 21 billion and the non-oil exports, including re-exports reached USD 20 billion in the same year, he said.

Al Mansouri said that the total trade exchange between the two countries from 2008-12 reached nearly USD 200 billion, where India ranks first in the list of trade partners of the UAE.

He also said that the UAE was the top trade partner of India during 2011-12, representing 10 per cent of the total foreign trade of that country in 2012, similarly its share in India's total trade with the GCC countries was 50 per cent and 38 per cent with the Arab countries.
Undersecretary of the Ministry of Foreign Trade, Abdullah bin Ahmed Al Saleh underscored the importance of joint projects in the IT, computer and other associated fields in order to meet the needs of the local and regional markets, through the Indian technology in this area.

The delegation to summit that opens today, includes representatives of the Ministry of Economy, Dubai Export Development Corporation, Dubai Foreign Investment Office, Dubai Aluminium (DUBAL), Sharjah Investment and Development Authority (Shurooq), and other companies, a statement released by the UAE's official news agency Wam said.