The trade between India and UAE in terms of volume is currently at $60 billion and is expected to reach $100 billion by 2020 with increasing interest of India companies in the Middle East markets, a top industry body said on Wednesday.
The Confederation of India Industry (CII) said in a statement - ‘’The trade between India and UAE, which is estimated to be around $60 billion currently, is all set to grow and hit the $100 billion-mark by the year 2020 with the growing interest by the Indian companies in the Middle East markets.’’
About 50 Indian companies are participating in the Middle East Electricity Exhibition which opened on Wednesday in Dubai at the World Trade Centre displaying a wide variety of products ranging from cables to conductors, capacitors, transformers and switch-gear products.
CII along with Ministry of Commerce & Industry, Government of India has arranged to showcase Indian industry participation at the event.
It was Hosted by the UAE Ministry of Energy based in Dubai, Middle East Electricity is the largest international trade event for the power industry, covering the generation, transmission and distribution of electricity, the renewable and nuclear energy sectors and the lighting industry.
The statement said "The initiatives taken by the government and the announcements made in the recent Budget shall certainly enhance industries' competitiveness in the country and in particular the micro-small and medium enterprises'' (MSMEs).
It also mentioned that "As the MSMEs become more viable and sustainable, the overall attractiveness of the small businesses will increase leading to the growth of positive orientation and entrepreneurship in the country.’’
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