India is now the second largest trading partner of the country, while the UAE is India's third largest trading partner, said Juma Mohammed Al Kit, assistant undersecretary for foreign trade at the Ministry of Economy. The UAE is the largest Arab investor in India, accounting for 81.2% of Arab investments in India, with an estimated investment of $ 10 billion (AED 36.7 billion), including foreign direct investment of about $ 5 billion. (About AED 18.3 billion).
In a statement delivered at the UAE-India Strategic Conference, which was held in Dubai recently, the Kuwaiti Ministry of Economy said in a statement, in the framework of strengthening strategic relations between the two countries and enhancing bilateral cooperation in the fields of economy, trade and investment, The UAE and India lauded the commonalities of cooperation and cooperation between the two countries in various fields.
He added that the UAE is the largest shareholder in the remittance fund in India, where remittances of the Indian residents in the country, which number about 3.3 million residents, about 17 billion dollars (about 62.4 billion dirhams) last year.
In addition to the numerous investment sectors between the UAE and India, including real estate, retail, manufacturing, administrative services and support activities, the UAE is keen to develop collaborative relationships in new sectors such as AI and support entrepreneurs and startups, Al-Kait said.
He added that India's participation in Expo 2020 Dubai through a distinguished pavilion focusing on innovation, future and startups is a reflection of the comprehensive strategic partnership between the UAE and India.
62.4
AED billion transfers
Indian Residents in
The country during 2018.