India-UAE UAE ambassador to India Abdulnasser Jamal Alshaali has praised the rise in trade with India by 16 percent.
He said gold has played a major part in the bilateral trade between the two nations.
While speaking to ANI, the UAE envoy said, “Trade has increased by 16 per cent. This includes oil to USD 85 billion. Interest has grown in UAE companies wanting to invest in India and Indian companies wanting to expand into the UAE, in terms of people-to-people connection and an increase in the numbers of people travelling between the two countries.”
“The ebb and flow based on the product and based on what’s the area of focus in that year. Gold has increased by 62 per cent. There’s machinery, other manufacturing-related products, chemicals among others between the two countries,” he added.
“It will continue to grow. Gold is important and cherished here in India. It’s also important for us in the UAE. Gold would continue to be a significant component of bilateral trade between the two countries…Apart from gold and petroleum, food is something, food substance is something which is very important also,” the UAE Ambassador said.
India and UAE have shared trade links through the centuries. The trade, which was dominated by traditional items such as dates, pearl and fishes, underwent a sharp change after the discovery of oil in UAE (oil exports begun from Abu Dhabi in 1962).
With the emergence of UAE as a unified entity in 1971, exports from India started growing gradually over the years.
The real impetus, however, started after Dubai positioned itself as a regional trading hub by early 1990s and about the same time, the economic liberalization process started in India.
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