You are here: Home » International » News
Business Standard

India, UAE, Israel's trilateral trade could reach $110 bn by 2020: Report

Tapping into the mutual strengths of India, Israel and the UAE could propel the trilateral trade between the countries to a high of $110 billion by 2030, said top diplomats

Topics
India | India-UAE | israel

Press Trust of India  |  Jerusalem/Dubai 

trade, export, container, major ports, import, shipping, sea, business, seafarer, merchan navy

Tapping into the mutual strengths of India, and the UAE could propel the trilateral trade between the countries to a high of USD 110 billion by 2030, top diplomats and members of the business community have said.

The comments were made at an event organised by the International Federation of Indo-Chambers of Commerce (IFIICC) on Sunday to discuss the ongoing business collaborations being pursued through IFIICC's leadership across sectors.

The international business potential backed by Israeli innovation, UAE's visionary leadership and strategic partnership of both nations with could be USD 110 billion by 2030, Ambassador Ilan Sztulman Starosta, Head of the Israeli mission in Dubai, said in a press release issued by IFIICC.

Echoing similar sentiments, Ambassador of the UAE to and Founding Patron of IFIICC, Dr Ahmed Abdul Rahman AlBanna, said that UAE and India's bilateral trade is projected to grow from USD 60 billion in 2020 to USD 100 billion by 2030. UAE is a gateway to the world and this trilateral with and could benefit the world.

Dr Aman Puri, Consul General of India to Dubai, said, the Indian business community in the UAE could significantly leverage the strengths of this trilateral to boost economic growth of all nations.

Ran Tuttnauer, Honorary President of IFIICC in Israel and Chairman of Israeli Manufacturers Council at Manufacturers Association of Israel (MAI) participated in the event virtually from Tel Aviv.

Tuttnauer stressed that International business through the UAE in collaboration with India using Israeli Innovation will be the future.

IFIICC was launched on December 14 last year and is looking to set up offices globally, drawing the support of the Indian diaspora, the largest in the world.

Innovation and collaboration can help usher in a new, post-pandemic era of sustainable economic growth, Merzi Sodawaterwala, Founder and Chairperson of IFIICC, said.

Kamal Vachani, Honorary President of IFIICC for the UAE and Group Director & Partner of Al Maya Group, noted that the innovation and economic prospects of this trilateral are endless.

The European business school (ESCP) in a seminar organised recently also highlighted the global potential of trilateral ties between Israel, the UAE and India. The seminar held last month was organised in cooperation with SPJIMR.

Established in 1819, the ESCP Business School (cole Suprieure de Commerce de Paris) is considered to be the world's first business school.

The post-Abraham accords phase normalising Israel's ties with some of the Arab countries has generated a lot of interest in this trilateral partnership with several events organised by various organisations, including leading banks.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, April 05 2021. 07:15 IST
RECOMMENDED FOR YOU