UAE-India relationship built on trust and collaboration

India Global Forum’s (IGF) flagship Middle East & Africa 2024 (ME&A 2024) began in Dubai yesterday with a special virtual address by India’s Union Minister of Commerce & Industry Piyush Goyal.

Quoting Indian Prime Minister Narendra Modi he said, “The friendship between Bharat and UAE is regarded worldwide as a model of mutual trust and collaboration.”

Congratulating the forum for spotlighting India's boundless opportunities and global partnerships, Goyal highlighted mechanisms like local currency trade settlements and the Abu Dhabi Investment Authority's expanding footprint in Gujarat’s GIFT City as further cementing economic ties. He revealed that UAE’s investments in India are expected to surpass $100 billion in the coming years, driving growth in infrastructure and innovation.

“India and the UAE are also witnessing breakthroughs in fintech, education and culture. The first international campus of the Indian Institute of Technology (IIT) in Abu Dhabi and the upcoming Indian Institute of Foreign Trade (IIFT) campus in Dubai represent a significant step in elevating India’s educational institutions to global standards. These initiatives are set to foster skill development and innovation,” Goyal said.

On the cultural front, he highlighted the inauguration of the BAPS Hindu Mandir in Abu Dhabi earlier this year by Modi, describing it as a “powerful symbol of the spiritual dimension of Bharat-UAE relations”. Goyal called it a celebration of shared values of peace, coexistence, and harmony.

Goyal concluded with a call for collaboration to achieve India’s Vision 2047 and the UAE’s ambitious Vision 2071, underscoring the synergy between the two nations' long-term goals. “The dynamic leadership of both nations has elevated our relations to newer heights,” Goyal said, reaffirming the robust partnership that continues to define India-UAE relations.

Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, in a session titled Catalysing Growth- Investment Strategies for Emerging Economies in a Digital Future, mentioned how the UAE recently issued its millionth trade license, highlighting the volume of businesses operating in the UAE. “These businesses don’t just serve the UAE market; they serve global markets.

“We’re also expanding our reach through Comprehensive Economic Partnership Agreements (CEPAs), such as the one with India, which has been transformative. These agreements allow businesses in the UAE to access broader markets, fostering growth.”

Earlier, Sunjay Sudhir, the Indian Ambassador to the UAE, highlighted how IGF has emerged as a vital platform for fostering economic, technological, and cultural collaboration. The fourth edition of the IGF in the UAE has underscored the deepening and transformative partnership between India and the UAE, he said.

“This historical relationship between the two countries started with pearl trading through small dhows between Bombay and Dubai,” Sudhir remarked. “But the potential remained untapped for a very long time. That changed in 2015 with Prime Minister Narendra Modi’s historic visit, the first by an Indian Prime Minister to the UAE in 34 years.”

The signing of the CEPA in 2022 within just 88 days was hailed as a testament to mutual trust. “CEPA has unlocked immense opportunities, making the India-UAE corridor one of trade, technology, talent, and trust,” Sudhir said.

Further collaboration in financial technology has been groundbreaking. India’s Unified Payments Interface (UPI) is widely accepted in the UAE, and efforts are underway to connect UPI with the UAE’s instant payment platform, Aani. This integration will streamline transactions for the 3.9 million Indian residents and 4.4 million Indian tourists to the UAE, Sudhir added.

Manoj Ladwa, Founder and Chairman, IGF, said: “India and UAE’s ties are not just about trade figures or agreements - they represent a deeper alignment of values, aspirations, and shared visions for the future.”

Featuring more than 200 speakers and 1,000 participants across nine streams, IGF ME&A 2024 includes exclusive networking opportunities, panel discussions, and keynote speeches. The two-day event that concludes today, includes engagements that will tackle global challenges, from climate change and energy transition to the future of AI and digital economies.