Dubai: UAE-India bilateral trade has bright prospects in the forthcoming years, and this has been possible because of the long-standing relations the two countries share, the head of a leading Indian think tank said on the second day of the India Global Forum in Dubai.
Addressing the session online from New Delhi, Amitabh Kant, CEO of Niti Aayog, said: “The UAE is the second largest trade partner (for India) accounting for 9 per cent of oil trade and 13 per cent of non-oil trade exports. UAE exports to India stood at $59 billion.”
There was a strong reason for bilateral FDI in both countries – the special synergy the two countries share, he said, voicing optimism about future collaborations.
“The UAE with its boost to technology and AI is poised to be the Silicon Valley of the region. There is a great potential for collaborations.”
Kant said that UAE-India collaborations in the fields of technology, particularly fintech, have already proven to be very robust.
“The acceptance of RuPay, India’s electronic payment interface acceptable in the UAE’s domestic payment network, has eased payment gateway issues for Indian expatriates. This is in addition to the launch of the Unified Payment Interface (UPI). This is part of the unfolding UAE-India trade story and comprehensive expansion of this partnership is the next logical step,” said Kant.