India & UAE trade to hit USD 100 billion by 2020

 

The Confederation of Indian Industry has said, trade between India and the UAE is set to hit USD 100 billion by 2020, up from the current USD 60 billion.

Confederation of Indian Industry (CII) said in a statement released here, "This is evident in the growing interest by the Indian companies towards the Middle East markets and in particular the UAE and efforts made by the Ministry of Commerce & Industry and CII to further strengthen the trade and investment ties.”

Currently, the trade between Indian and the UAE is estimated around USD 60 billion, it said.

The statement was issued on the sidelines of the Middle East Electricity Exhibition where about 50 leading Indian companies are participating.

The various initiatives taken by the Government of India and the announcements made in the recent Budget 2017 shall certainly enhance industries competitiveness in the country and in particular the MSMEs, the statement said.