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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

India | India-UAE | israel

Press Trust of India  |  Jerusalem/Dubai 

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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.)

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