SME Times News Bureau | 29 Mar, 2022
Union
Minister for Commerce and Industry Piyush Goyal today said that
notwithstanding the initial target envisioned under the India- UAE CEPA,
which was USD 100 billion, it was possible to achieve a trade of USD
250 billion in Goods and Services by 2030.
He was addressing the
gathering at the ‘World Government Summit_Sparking the Growth of
Emerging Economies’ in Dubai today.
Responding
to a question on India-UAE Comprehensive Economic Partnership
Agreement, Shri Goyal said that India looks upon UAE as a friend, as
someone who has always stood by India.
Speaking of the huge Indian
diaspora in UAE, Goyal said that they were very well taken care of
by the UAE government during COVID.
He emphasized that the relation
between India and UAE extended far beyond the dimension of trade. The
mutual trust and respect and the cultural affinity between the two
nations in truly unique, he added.
Ever
since CEPA was announced, he had, Shri Goyal said, engaged extensively
with businesses from both nations.
He said that India Gems and Jwellery
Export Promotion Council aspired to triple their exports to UAE.
He
added that the enthusiasm among trade bodies, industry associations and
Export Promotion Councils about the India-UAE CEPA was encourging.
Terming
Services export as a huge opportunity for India when it comes to UAE,
the Minister said that it was a largely untapped segment.
Speaking of
India’s booming startups, especially in fintech, agritech, edutech,
healthtech etc, he said that UAE’s status as an emerging financial hub
would help hasten investments in India, especially in these sectors.
Goyal listed the top 5 sectors with the greatest potential for growth
in India-UAE CEPA as gems and jwellery, textiles and leather products,
pharmaceuticals, Steel and petrochemicals.
Referring to the melt and
pour agreement between India and UAE, the Minister said that it would
help to encourage investments in UAE to set up steel plants, help
protect steel sector in India and help India gain market access in other
countries because of UAE being an entrepôt.
Terming India as a giant
when it comes to petrochemical production capabilities, the Minister
said that there was huge opportunity in the petrochemical sector as
well.
Speaking
of India’s merchandise exports which have crossed USD 400 billion in
spite of subsequent waves of COVID 19, the Minister said that services
export from India, irrespective of the slowdown in travel and tourism
had touched the highest-ever figure of USD 250 billion.
The Minister
asserted that even at the peak of the pandemic India did not let down a
single commitment it made to the world.
Referring
to India’s success in nurturing startups, Goyal said that India
already had 92 unicorns and is hoping to cross 100.
He expressed
confidence that in the 75th year of India’s independence, India would
see atleast 75 unicorns emerge from the startup ecosystem.
Referring
to the impending ‘Amritkaal’, the next 25 years of independence, the
Minister said that India would ascend from being an emerging economy to a
developed one with special focus on assuring prosperity to 1.35 billion
people and creating a better future and better life for every child
born in India, during this time period.