Abu Dhabi [UAE]: Confederation of Indian Industry (CII) President R Dinesh has said both India and UAE have a common interest in the infrastructure development in India and the opportunities that exist with more and more privatization.
He said that both countries are focused on funding of ‘sustainable transition’.
‘It’s a common interest of both countries and funds as well to look at, which is on two major subjects. One is the infrastructure development in India and the opportunities that exist with more and more privatization and support for financing taking place.
The second, which is the biggest, I would call it, which both India and UAE are focused on, is the funding of sustainable transition and that’s something which I think is a great opportunity,’ the CII President said.
On trade relations and potential between India and UAE, Dinesh said: ‘So what I was basically talking about is tech-based manufacturing…so there are three elements to it. One is tech-based manufacturing. Second is renewable energy products and third is New Age products.’
‘All three of which, both from the sovereign fund side and as well as from the UAE side, are also interested in making sure that the best manufacturing capability is developed. And that is where I felt the opportunity for both countries (India and UAE) to look at working together and cooperating…’ he added.
Meanwhile, Union Commerce and Industry Minister Piyush Goyal on Thursday said India, UAE are aiming to expand the bilateral trade to make it USD 100 billion.
‘Basic foundation on which I believe we are looking to expand the trade between our two countries, significantly, at least to make it USD 100 billion, very quickly,’ said Goyal at the meeting with top business leaders from India and UAE hosted by Abu Dhabi Chamber.
In UAE, Goyal co-chaired the 11th Meeting of the India-UAE High-Level Joint Task Force to boost investments between the two countries, which saw the signing of several MoUs in different sectors.
‘I’m very convinced that the incredible love and affection that the people of India and the people of the UAE have for each other, the immense contribution that businesses are making to further strengthen this geopolitical strategic partnership is going to truly make this that defining partnership and brotherhood…’ said Goyal at the meeting with top business leaders from India and UAE hosted by Abu Dhabi Chamber.
‘Clearly, India is a vibrant nation, on the move to become an economic powerhouse. Today the fifth largest economy in the world…It was only nine years ago, that we were a fragile five economy, amongst the weakest five economies in the world.
Today as I stand before you, we are amongst the top five economies, the fifth largest GDP. In the next four years, we expect to become the world’s third-largest GDP,’ he added.