Page 679 - MOE ENGLISH PR REPORT - FEBRUARY 2024

2/22/24, 11:35 AM UAE-India economic partnership a global model of sustainable mutual growth: minister
In his statement to the Emirates News Agency (WAM), he stressed that the Emirati-Indian
strategic partnership has seen positive developments at all levels, including the CEPA,

which makes it a global model for how to upscale collaboration and partnership ties to

higher levels that achieve mutual growth, create opportunities for business communities,
stimulate entrepreneurship, and support sustainable development.

He noted that would not be achieved without the shared keenness and unlimited support

of the leaderships of the two countries.

He added that the UAE and India had entered a new phase of shared prosperity due to the

CEPA that took effect a year ago, which has boosted key sectors in both countries, most
notably non-oil trade and mutual investment.

In the first year of the partnership, their non-oil trade reached US$50.5 billion, growing by

5.8 percent year-on-year, and compared to the previous year, from May 2020 to April
2021, non-oil trade grew by 53.5 percent, he added.

Moreover, it increased by 36.1 percent compared to the same period in 2019-2020, and by

29.6 percent compared to the same period in 2018-2019, Al Zeyoudi further said,
stressing that the UAE-India partnership agreement boosted non-oil exports from the

UAE, which reached US$10.3 billion in the year of its implementation, a rise of 18.6
percent compared to the same period between 2020 and 2021.

Moreover, there was a significant increase of 95 percent compared to the same period

from May 2019 to April 2020, and an increase of 80.7 percent compared to the same
period in 2018 and 2019, he added.

Al Zeyoudi noted the UAE’s ongoing investment in India, which was driven by the

impressive growth of one of the world’s fastest-growing economies.

As per the latest official data released this year, the UAE invested US$36.61 billion in

various sectors, including financial services, real estate, business services, alternative

and renewable energy, engine manufacturing, equipment, and more.

The UAE chose India as the first country to sign a comprehensive economic partnership

agreement with, in light of their strong strategic ties. India is a key ally and partner for the

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