Employees of TCS work inside the company headquarters in Mumbai, India. Reuters
Inayat-ur-Rahman, Business Editor
As India completes 75 years of Independence, the nation may look back with pride on the spectacular progress made by the country in all sectors of the economy. Strong fundamentals of the economy were best exemplified when the pandemic struck hitting every nation – big or small. While some of the front-ranking states crumbled, India was able to contain the damage to a large extent. Though the economy took a big hit, India managed to ensure that economy moves back to its growth path at the earliest.
The UAE has emerged as an important economic hub not just within the context of the Middle East/West Asia, but also globally. The UAE, due to its strategic location, has emerged as an important economic centre in the world. India has enjoyed close friendship based on long-standing cultural, religious, and economic ties between the two nations.
The mutual respect and love for each other have brought the two nations further close over the last few years.
Today, UAE is home to a large Indian Diaspora that has contributed significantly to the transformation of UAE from an oil-producing giant to a widely diversified and modern economy, says Mr Kamal Vachani, Regional Director, Electronics and Computer Software Export Promotion Council (ESC) — Middle East. India — UAE trade relations have effectively cemented strong relations between the two countries. UAE is India’s third largest trade partner, while India ranks as the UAE’s number one trading partner for non-oil exports, accounting for nearly 14% of the UAE’s total non-oil exports globally.
The bilateral trade relations reached new heights when the two countries signed a Comprehensive Economic Partnership Agreement (CEPA) in February this year. The Agreement came into effect on 1 May and is expected to increase the total value of bilateral trade in goods to over $100 billion and trade in services to over $15 billion within five years.