Union Minister of Commerce & Industry, Shri Piyush Goyal addressed the Dubai-India Business Forum organised by Dubai Chambers in Mumbai on Monday. The high-profile event was graced by His Highness Sheikh Hamdan bin Mohammad Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE.
Welcoming Sheikh Hamdan on his first official visit to India, Shri Goyal noted that the visit coincides with the centenary of Sheikh Saeed’s trip to India—a reminder of the historical and cultural ties between Mumbai and Dubai. “The presence of His Highness symbolises generational continuity and enduring partnership,” Goyal said.
Strengthening Socio-Cultural and Strategic Bonds
Shri Goyal lauded Dubai’s longstanding contributions to the Indian community, including the establishment of the first hospital for Indian workers. He highlighted the unique bond between the two nations, strengthened by trust and the personal rapport between their leaders. “There have been six high-level visits in two years—three each by Prime Minister Narendra Modi and UAE leaders,” he said.
India also expressed gratitude for the UAE’s support in constructing the Swaminarayan Hindu Temple in Abu Dhabi, calling it a “symbol of mutual respect and shared values.”
Comprehensive Economic Partnership Agreement: A Defining Milestone
Reflecting on the success of the Comprehensive Economic Partnership Agreement (CEPA), Shri Goyal stated, “Our goal to take non-oil trade to $100 billion is within reach.” He emphasised that the UAE’s role in India’s outreach to Africa, as well as its contributions to logistics and digital connectivity—particularly through DP World—have been instrumental in this growth.
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Expanding Frontiers: Education, Energy, and Emerging Sectors
The Minister spotlighted education as a new area of collaboration, referencing the opening of an IIT campus in Dubai and proposed IIM and IIFT campuses. These developments, he said, will further deepen engagement in skill development.
Shri Goyal also called for expanded cooperation in key sectors including nuclear energy, critical minerals, renewable energy, green hydrogen, fintech, AI, food security, and advanced manufacturing.
India’s Economic Growth: An Invitation to Collaborate
Highlighting India’s economic ascent, Shri Goyal said, “We are the fastest-growing major economy and will be the fourth-largest by 2025, and third by 2027.” With India’s current GDP at $4 trillion, he projected a $30–35 trillion economy by 2047.
Quoting PM Modi, he added, “India is not just a workforce, we are a world force.” Shri Goyal also acknowledged the UAE’s unwavering support for India’s diaspora, particularly during the COVID-19 pandemic, noting that over 2 million Indians live in the UAE.
A Shared Vision for the Future
Shri Goyal closed his address by urging both nations to build on their strong foundation. “This is just the tip of the iceberg. We have many mountains yet to climb,” he said, expressing confidence in the leadership and business communities of India and the UAE to achieve even greater heights.
