Page 312 - MOE ENGLISH PR REPORT - JULY 2024

7/29/24, 3:41 PM H.E. Bin Touq discusses ways to enhance cooperation in new economy, tourism, entrepreneurship and transport sectors - Middle E…
H.E. Bin Touq also met with Mr. Sanjay Jayavarthanavelu, Chairman and Managing Director of LMW, one of
India’s leading companies specializing in textile machinery manufacturing. In addition to the latest advanced

technologies and innovative solutions used by the company in the textile machinery industry, the meeting
discussed the unique economic enablers and support that the UAE’s business environment provides to
companies looking to establish their operations in the country.

During another meeting with Mr. Dheeraj Hinduja, Chairman of Ashok Leyland, a leading Indian company in

vehicle manufacturing and assembly, and the fourth-largest bus manufacturer in the world, the company
presented its expansion plans in the UAE market before H.E. the Minister of Economy.

Trade and Investment Cooperation between UAE and India

The UAE’s FDI in the Indian markets cover several vital economic sectors, most notably renewable energy,

software, IT services, and automotive manufacturing. The non-oil trade exchange between the two countries
is also witnessing continuous growth, with the total value of non-oil trade between the two sides exceeding
USD 53.5 billion in 2023, a growth rate of 3.9 per cent compared to 2022.

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