India Expo 2014 expected to boost India-UAE trade by $20 billion
The Dollar Business Bureau | @TheDollarBiz
The Federation of Indian Exporters Organisation (FIEO) has said that the India Expo in Dubai (October 15-16, 2014) is expected to boost bilateral trade between India and United Arab Emirates (UAE) by over $20 billion and will open opportunities in both trade and investment. UAE is a major destination for Indian goods and a strategic re-export market for India. According to FIEO, UAE is a gateway to several regions including Africa, West Asia and Europe and collectively represents $84 billion business. While bilateral trade between India and UAE has traditionally been strong, it declined sharply last year. In FY2013-14, bilateral trade between the two countries stood at around $59.5 billion which is up around 37% from $43.46 billion in FY2009-10, but down about 21% from FY2012-13. UAE also accounted for around $30.5 billion of India’s exports in FY2013-14, which is almost 10% of India’s total exports in the year, and up about 27% from $23.9 billion in FY2009-10. However, India’s exports to UAE in FY2013-14 were down sharply by about 16% from $36.3 billion in the previous year. It is hoped that the India Expo, the first ever by FIEO in UAE, will help improve India’s exports to UAE.
Walter D'Souza, Chairman of Federation of Indian Export Organisations (FIEO), will lead the Indian delegation of over 100 exporters who will showcase their products to over 350 importers from the entire Middle East, Africa, Turkey and Pakistan. The focus sectors include: Agri commodities, Spices, Processed Food, Wellness & Beauty Products, Building & Construction Material, Non leather footwear, Printing & Packaging, Ready Made Garments, Textiles, Handloom & Handicrafts, Jute Products, Animal Feed, and IT solutions. M Rafeeque Ahmed, FIEO President, said, “Dubai being one of the most important hubs for exports to other parts of the world, FIEO has already brought to reality its vision of setting up a warehouse in Sharjah in 2008, which the Indian exporters have been using as a base to promote their trade to other destinations around the world very effectively. Further FIEO’s India Expo will help in strengthening ties with Gulf countries paving way for greater cooperation in trade and investment.”
This article was published on October 14, 2014.