Union Cabinet, chaired by the PM Narendra Modi on 8th June 2022 approved the proposal for signing of a bilateral Memorandum of Understanding (MoU) between India & United Arab Emirates (UAE) on cooperation in the field of Industry and Advanced Technologies.
The growing economic and commercial ties between India & the UAE contribute to the stability and strength of the rapidly diversifying and deepening bilateral ties between the two countries. India-UAE bilateral trade which was valued at US$180 million (Rs 1373 crore) per year in the 1970s, making the UAE India’s third largest trading partner for the year 2019-20 after China and the US has reached 60 billion US dollars (Rs 4.57 lakh crore). In addition, UAE is India’s second largest export destination (after the US) with exports worth US$ 29 billion (Rs 2.21 lakh crore) for the year 2019-2020. The UAE is the eighth largest investor in India with an estimated investment of US$18 billion (Rs 1.37 lakh crore). Indian investment in UAE is estimated to be around US$ 85 billion (Rs 6.48 lakh crore).