UAE-India partnership: By the numbers

Dr Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, lauded the strategic partnership between his country and India as a model for achieving sustainable development and developing common interests.

Dr Zeyoudi’s comments came on the eve of Indian Prime Minister Narendra Modi’s two-day visit.

During Modi’s visit, India and the UAE Signed a significant agreement to further the India-Middle East-Economic Corridor (IMEEC) that aims to connect Europe with India through parts of the Middle East by sea and rail, an ambitious plan backed by the US and the European Union.

It is always a delight to meet @HHShkMohd. His vision for Dubai’s growth is clearly visible to the entire world. Our discussions covered a wide range of subjects ranging from commerce to connectivity, and ways to boost people to people linkages. pic.twitter.com/LwMMcSb9Jj

— Narendra Modi (@narendramodi) February 14, 2024

Here is a look at the trade numbers between the two countries:

$51.4bn trade volume:

Non-oil trade between the UAE and India soared to $51.4bn in 2022, marking a remarkable 15 percent growth from the previous year and over 24 percent compared to 2019. This trade volume represents 8.3 percent of the UAE’s total international non-oil trade.

2.5 per cent increase in 17 Months:

From May 2022 to September 2023, non-oil trade between the UAE and India witnessed a notable 2.5 percent increase compared to the corresponding period in 2021/2022. Moreover, compared to 2020/2021 and 2019/2020, the growth rates stood at an impressive 42.4 per cent and 54.8 per cent, respectively.

Steady trade figures:

Despite global economic fluctuations, non-oil trade between the two countries remained robust, reaching $38.1bn in the first nine months of 2023, consistent with the same period in 2022.

Diversified commodities:

UAE exports to India have diversified, encompassing gold, jewellery, plastics, cement, petroleum oils, and dates, which have experienced significant growth following the implementation of the Comprehensive Economic Partnership Agreement.

Strategic investment:

The UAE’s direct investments in India surged to approximately $17bn by September 2023, positioning the UAE as the seventh-largest investor in India globally, with a substantial 3 per cent share of total foreign direct investment.

Mutual investment value:

Indian investments in the UAE reached $8bn, ranking second globally and constituting 6 percent of total foreign direct investment in the country.

The cumulative value of UAE-India mutual investments stands at an impressive $25bn, with 70 percent originating from the UAE, underlining the strong economic ties between the two nations.