India-UAE Set Ambitious Trade Target Amid Boosted Collaborations

India and the UAE have set an ambitious goal to double their bilateral trade in non-oil and non-precious metals to USD 100 billion over the next three to four years, according to a statement by Commerce and Industry Minister Piyush Goyal. This target was announced during the 13th India-UAE High-Level Joint Task Force on Investments meeting, co-chaired by Goyal and Sheikh Hamed bin Zayed Al Nahyan, MD of the Abu Dhabi Investment Authority.

The current bilateral trade stands at approximately USD 50-55 billion. The discussions included exploring investment opportunities in Africa and the Gulf Cooperation Council (GCC) regions, taking advantage of the UAE's investment strength and India's talent pool. There was also a focus on new investment frontiers like maritime, defense, aerospace, and space sectors.

Goyal highlighted the potential for increasing exports from India to regions including the Gulf and Central Asia. Approximately 42 lakh Indians are currently working in the UAE, a significant increase from 22 lakh a decade ago. Both countries are also in talks to enhance collaborations in sectors such as manufacturing, infrastructure, and services.

(With inputs from agencies.)