The Union Commerce Minister Piyush Goyal on Saturday said UAE has committed $100 billion for investment and infrastructure creation in India and added that the goal is to make India the top trading partner of UAE. ‘’Our goal is to become the number one Trading Partner of UAE which is a gateway to Gulf Cooperation Council and all of Africa," he noted during his interaction with the captains of Indian industry and heads of Export Promotion Councils to discuss certain opportunities for Indian businesses to expand their global footprint by leveraging the business platforms and infrastructure offered by UAE.
Goyal said that the India-UAE Free Trade Agreement is in the advanced stages of negotiation and finalization. “There is a lot of good news coming up, across several sectors, as we negotiate and finalize the FTA with the UAE,” he added.
According to Goyal, UAE-India FTA will be India’s fastest-negotiated FTA and the fastest-negotiated Comprehensive Economic Partnership Agreement (CEPA) ever between two nations which also gives the maximum opportunity to India.
DP World Group Chairman & CEO DP Sultan Ahmed Bin Sulayem spoke about the UAE market and the opportunities available there for Indian products. “The Jebel Ali Economic Zone has hundreds of warehouses suitable for any trader who would like to see and feel the market. The time is right for India to seize the opportunity in the world market. There is a huge shortage everywhere, which India can fill,” he said.
Meanwhile, Goyal laid the foundation stone for the Rs 70 crore Mega Common Facility Centre for Gem and Jewellery sector at the Santacruz Electronic Export Processing Zone (SEEPZ) Special Economic Zone (SEZ) in Mumbai. It will be one of two such facilities (the other being at Surat) which will provide cutting-edge technology for manufacturing and other allied processes of the gem and jewellery sector. The Centre will also provide skilling and training support to build a competent workforce. The Indian gems and jewellery industry has the largest skilled workforce of 4.5 million as on date.
The Minister exhorted the gem and jewellery industry to aim higher. “It's time now to make this gem and jewellery sector in India a truly global champion, reflecting India's promise, capabilities and trust,’’ he said.
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