Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal today said that notwithstanding the initial target envisioned under the India- UAE CEPA, which was USD 100 billion, it was possible to achieve a trade of USD 250 billion in Goods and Services by 2030. He was addressing the gathering at the ‘World Government Summit_Sparking the Growth of Emerging Economies’ in Dubai today.
Responding to a question on India-UAE Comprehensive Economic Partnership Agreement, Shri Goyal said that India looks upon UAE as a friend, as someone who has always stood by India. Speaking of the huge Indian diaspora in UAE, Shri Goyal said that they were very well taken care of by the UAE government during COVID. He emphasized that the relation between India and UAE extended far beyond the dimension of trade. The mutual trust and respect and the cultural affinity between the two nations in truly unique, he added.
Ever since CEPA was announced, he had, Shri Goyal said, engaged extensively with businesses from both nations. He said that India Gems and Jwellery Export Promotion Council aspired to triple their exports to UAE. He added that the enthusiasm among trade bodies, industry associations and Export Promotion Councils about the India-UAE CEPA was encourging.
Terming Services export as a huge opportunity for India when it comes to UAE, the Minister said that it was a largely untapped segment. Speaking of India’s booming startups, especially in fintech, agritech, edutech, healthtech etc, he said that UAE’s status as an emerging financial hub would help hasten investments in India, especially in these sectors.
Shri Goyal listed the top 5 sectors with the greatest potential for growth in India-UAE CEPA as gems and jwellery, textiles and leather products, pharmaceuticals, Steel and petrochemicals. Referring to the melt and pour agreement between India and UAE, the Minister said that it would help to encourage investments in UAE to set up steel plants, help protect steel sector in India and help India gain market access in other countries because of UAE being an entrepôt. Terming India as a giant when it comes to petrochemical production capabilities, the Minister said that there was huge opportunity in the petrochemical sector as well.
Speaking of India’s merchandise exports which have crossed USD 400 billion in spite of subsequent waves of COVID 19, the Minister said that services export from India, irrespective of the slowdown in travel and tourism had touched the highest-ever figure of USD 250 billion. The Minister asserted that even at the peak of the pandemic India did not let down a single commitment it made to the world.
Referring to India’s success in nurturing startups, Shri Goyal said that India already had 92 unicorns and is hoping to cross 100. He expressed confidence that in the 75th year of India’s independence, India would see atleast 75 unicorns emerge from the startup ecosystem.
Referring to the impending ‘Amritkaal’, the next 25 years of independence, the Minister said that India would ascend from being an emerging economy to a developed one with special focus on assuring prosperity to 1.35 billion people and creating a better future and better life for every child born in India, during this time period.