SHARJAH, 16 June 2005 — Non-oil trade between India and the UAE shot up by more than two thirds in the year 2004 to 44.2 billion dirhams ($12 billion), with the balance heavily in favor of India.
The UAE’s non-oil exports to India rose by 127 percent to top $4.7 billion, while India’s non-oil exports to the UAE rose 45 per cent to top $7.2 billion, according to provisional figures for the financial year to March 31 released by the Indian government.
Non-oil trade between Dubai and India in 2003 stood at $3.56 billion in the year 2003.
Exports of gold, precious stones and semiprecious stones to India increased sharply during the year 2004, said Yash Sinha, India’s consul general in Dubai.
Exports of lastics and linoleum and dairy products also registered a sound increase.
The UAE is India’s second largest trading partner after the United States, and, overall, India is one of the UAE’s largest trading partners.
The third UAE in India trade exhibition will be held in Mumbai from Dec. 7-10, which is organized by the Dubai Chamber of Commerce and Industry in cooperation with the Jebel Ali Free Zone Authority and the Dubai Department of Tourism and Commerce Marketing. The technical organizer of the event is International Expo-Consults, a division of Dubai’s Falkanaz Group, which has interests in sports retailing, furniture, real estate and medical diagnostics. The event is expected to attract a large number of Indians seeking to establish enterprises in the free zones of the UAE or to make Dubai their regional base to reach the Middle East markets.
Of the 4,500 companies in the Jebel Ali Free Zone 559 are Indian.
DCCI Director-General Abdul Rahman Ghanem Al-Mutaiwee said: “Trade has always been one of the pillars of strong and old Indo-UAE relationship, and the “UAE in India Trade Show” would help boost the trade relations and ties with India, especially that the UAE is India’s second largest export destination.” “This trade show will further enhance trade relations with India and create numerous business opportunities in both countries.” Mutaiwee added.
Organizing the third UAE in India trade show this year came as a response to the remarkable success which the same exhibition has made last year in Mumbai, India, in December 2004.
Over 45 leading UAE companies and government organizations have occupied about 80 exhibitors’ stands on a space of around 2,500 square meters at the World Trade Center during the second UAE trade show held in 2004. The expo attracted more than 11,271 business visitors during the four-day trade show. India has emerged as one of the most exciting markets in the world with a huge consumer market base comprising a 300 million strong middle-class, with high levels of disposable income. With a significant growth over the last few years, India’s GDP sets to grow at 8 per cent this year. Measured in terms of the dollar at purchasing power parity, India’s GDP is the fifth largest in the world after US, China, Japan and Germany. Its foreign exchange reserves cross $120 billion and its exports are growing exponentially.