UAE, India discuss ways to boost bilateral non-oil trade
Senior officials during the meeting.
Mohamed Saif Al Suwaidi, Managing Director of the Abu Dhabi Fund for Development (ADFD) and Chairman of the Export Executive Committee of the Abu Dhabi Export Bureau (ADEX), welcomed Sunjay Sudhir to ADFD Headquarters, l Indian Ambassador to the United Arab Emirates.
The talks took place against the backdrop of the Comprehensive Economic Partnership Agreement (CEPA) signed this year by the two countries, which is expected to increase bilateral non-oil trade to $100 billion in five years from $60 billion. currently.
The meeting was attended by Khali Al Mansouri, Acting Director General of ADEX, and other officials from both parties.
Al Suwaidi reflected on the historic relationship between the two countries, stressing the importance of the partnership agreement, especially at a time when the UAE and India have passed critical milestones in their respective journeys as nations .
“As the UAE marks the 50th year, it has set a clear vision for the next 50 years of development. Our own occasion coincided with the 75th anniversary of India’s independence, the country being embarked on a long-term development journey with renewed vigor and enthusiasm.
These occasions provide us with unprecedented opportunities to walk and work together and collaborate to deliver on our promises on climate aspirations and sustainable development,” said Al Suwaidi.
Reiterating the desire to work with India as a strategic partner towards common development goals, Al Suwaidi highlighted ADFD’s expanded role in driving the UAE’s export sector through its branch. dedicated, the Abu Dhabi Exports Office (ADEX).
“We established ADEX in 2019 to boost national exports, which we see as a catalyst in diversifying our economy and building a knowledge-based society, in line with the UAE’s strategic vision.
“Furthermore, ADEX has created an inclusive and mutual development model in which both exporter and importer benefit equally, making it an attractive option for Indian importers to consider,” added Al Suwaidi.
He explained how ADEX’s innovative financing tools allow Emirati exporters to broaden their horizons, while offering personalized and flexible financing solutions to foreign buyers to purchase goods and services in the UAE.
Ambassador Sunjay Sudhir highlighted to Al Suwaidi the longstanding partnership between India and the UAE.
Referring to the Comprehensive Economic Partnership Agreement signed in February and a historic decision taken in 2017 by the leaders of the two countries to elevate bilateral relations to a Comprehensive Strategic Partnership, he said: “As our ties grow stronger , the ADFD and ADEX can be a vehicle to take them to the next level. As the dominant Asian economy, India has the potential to realize our common aspirations through this partnership.
He expressed his confidence in stronger and broader collaborations with the UAE, as well as ADFD and ADEX, highlighting the courage, resilience and depth of friendship of the two nations that shone through. in the face of adversity.
Khalil Al Mansouri communicated to the Indian envoy the interest of ADEX to develop the economic and commercial partnership with India, underlined the objective of the export office to finance and support the national exporters and to enable them to reach global markets, in line with the UAE’s strategic vision to diversify its economy. .
“Continued cooperation with India will allow us to move more quickly towards achieving this strategic goal, while developing our export sector and consolidating the UAE’s position as a global trading hub,” he said. he added.
India is a major trading partner and the main export destination of the United Arab Emirates. According to 2021 statistics, India accounted for 9% of the country’s total foreign trade, with non-oil exports accounting for 13% of total such exports.
The Abu Dhabi Fund for Development (ADFD) is a leading national financial entity owned by the Government of Abu Dhabi. It was established in 1971 to help developing countries strengthen their economies by providing concessional loans for development projects as well as long-term investments and direct contributions.
In addition to managing development grants provided by the Government of Abu Dhabi, the ADFD has adopted a policy of supporting the national economy by stimulating private sector investment, financing national exports and enabling exporters to expand into global markets, thereby enhancing the competitiveness of the UAE economy. .