Trade between India and UAE to reach $100 bn by 2020: CII
The Dollar Business Bureau
The bilateral trade between India and the United Arab Emirates (UAE) is likely to touch the $100 billion mark by 2020, from the present $60 billion, a press release of Confederation of Indian Industry (CII) said.
“This is evident from the rising interest of the Indian firms towards the markets of Middle East, especially the UAE and the steps taken by the Ministry of Commerce & Industry of India and CII to further boost trade and investment relations,” CII said in a statement.
Presently, the trade between the two nations is estimated at $60 billion, the statement read which was released on the sidelines of Middle East Electricity Exhibition in Dubai where around 50 major Indian companies are taking part.
The exhibition, which started on Tuesday, showcased a wide range of electrical items and instruments, such as cables, conductors, transformers, capacitors, switchgears and many others.
CII, along with the Ministry of Commerce & Industry, has made arrangements for the participation of Indian industry at the exhibition.
Middle East Electricity Exhibition, hosted by the Ministry of Energy UAE, held in Dubai, is the biggest global trade event for power sector, which covers generation, distribution and transmission of electricity, nuclear and renewable energy areas and lighting industry.
The measures taken by the Indian government and announcements made by the Finance Minister in the recent Union Budget shall definitely increase the competitiveness of industries in India and majorly of MSMEs, the statement said.
“The step towards reducing the corporate tax rate for small companies will have a positive impact on the viability of around 97% (67 lakh) businesses in India. As the MSMEs become more viable and sustainable, the overall attractiveness of the small businesses will increase leading to positive orientation and entrepreneurship which is bound to grow,” CII said.