$36.61billion.. Emirati investments continue to flow into India
Comprehensive Economic Partnership Agreement between the UAE and India succeeded, a year after its entry into force
Shrouq
What has been achieved during the first year of the agreement confirms that it is taking steady and confident steps in the right direction.
The Minister of Foreign Trade, Dr. Thani bin Ahmed Al-Zeyoudi, affirmed that the strategic partnership between the UAE and India is getting stronger with the passage of one year since the entry into force of the Comprehensive Economic Partnership Agreement between them, which makes this partnership a global model.
Mutual investments
He said that the Comprehensive Economic Partnership Agreement between the UAE and India succeeded, a year after its entry into force, in launching a new era of joint growth in the two countries, and benefited significantly from it all targeted sectors, at the heart of which is the non-oil intra-trade and the flow of mutual investments, as foreign trade reached 50.5%. billion dollars during the first year of implementing the partnership agreement, with a growth of 5.8% on an annual basis.
He continued: “Compared with the corresponding period from the first of May 2020 until the end of April 2021, the growth rate in intra-oil non-oil trade reached 53.5%, while it recorded an increase of 36.1% compared to the same period of 2019 and 2020, and a growth rate of 29.6% compared to corresponding period of 2018 and 2019”.
Oil exports
The UAE's non-oil exports were among the largest beneficiaries of the UAE-India partnership agreement, as they amounted to $10.3 billion within a year of implementing the agreement, a growth of 18.6% compared to the corresponding period of 2020 and 2021. While the growth reached 95% compared to the same period from the beginning of May 2019 to the end of April 2020, with a growth rate of 80.7% compared to the same period in 2018 and 2019.
Emirati investments
Emirati investments continued to flow into India, to take advantage of the record growth in one of the fastest growing economies around the world, and it recorded $36.61 billion, according to the latest official statistics issued this year.
Emirati investments were distributed among a variety of sectors, including financial services, real estate, business services, alternative and renewable energy, the manufacture of engines and equipment, and others.
The UAE-India partnership agreement will continue to achieve its goals of doubling non-oil intra-trade to about $100 billion annually over the next five years.
Gross domestic product
It also contributes to adding 1.7%, or nine billion dollars, to the gross domestic product of the UAE by 2030, increasing UAE exports by 1.5% by 2030, at a value of $7.6 billion, and increasing UAE imports by 3.8% by 2030, at a value of $14.3 billion.
What has been achieved during the first year of the agreement confirms that it is taking steady and confident steps in the right direction to achieve the common interests of the two friendly countries.
