In this context, a plan was recently announced to create a $75-billion UAE-India Infrastructure Investment Fund to support the expansion of India’s network of railways, ports, roads, airports and industrial corridors. The announcement came on the heels of the two-day visit of the Indian Prime Minister Narendra Modi to the UAE back in August 2015, at the invitation of the H.H. Sheikh Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
Trade between India and the UAE is constantly on the rise, with Indian businessmen and traders contributing significantly to the economic fabric of UAE. India is the UAE’s second top trading partner, while the UAE comes in third among India’s trading partners.
As for Dubai, India is the emirate’s second trading partner, with bilateral non-oil foreign trade scoring AED 73.86 billion from January to September 2015; AED 41.73 billion of imports, AED 14.54 billion exports and AED 17.59 billion re-exports.
While Dubai itself is a major investment destination, it also has an important and growing presence in India. Global ports operator DP World operates at: Nhava Sheva International Container Terminal Private Limited, Chennai Container Terminal Private Limited and India Gateway Terminal at Cochin. The Rajiv Gandhi Container Terminal in Vallarpadam, developed and operated by DP World is the first International Container Trans-shipment Terminal in India.
H.E. Sultan Ahmed bin Sulayem, Chairman of DP World and Chairman of Ports, Customs and Free Zone Corporation, said, “The two nations certainly share cultural affinity and historic bonds. We at PCFC work diligently to bolster economic and trade ties between the UAE and India, through some of the world’s best trade facilitations.
“Dubai’s non-oil foreign trade with India has seen a striking 144 per cent growth from 2004 to 2014. By the end of 2014, trade between the two amounted to AED 109.34 billion, compared to AED 44.87 billion scored in 2004. India was Dubai’s second largest trading partner in 2015, with bilateral trade amounting to AED 73.86 during the first nine months of 2015 – which comprise AED 41.73 of imports, AED 14.54 exports and 17.59 re-exports.”
Bin Sulayem further noted that Jafza is currently home to over 800 leading Indian companies which are serving all key markets in region from the Free Zone.
On his turn, H.E. Ahmed Mahboob Musabih, Director of Dubai Customs, detailed that India-Dubai AED 73.86 billion-worth of trade in the first nine months of 2015 accounts for 8 per cent of Dubai’s overall non-oil foreign trade through Q3, which added up to AED 966 billion.
“Boosting relations with trading partners and ensuring our clients are happier than ever with our services are some of the major objectives of Dubai Customs, in line with the UAE Vision 2021 and Dubai Strategic Plan 2021,” he commented.
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