India to get export boost in textiles, 4 other areas

ABU DHABI: The UAE on Thursday agreed to focus on increasing export of textiles, fisheries, leather and leather products, processed food and pharma from India - both for the market here as well as the Gulf region, central Asia and Africa - while seeking to nearly double bilateral trade in non-oil and non-precious metals from the current level of over $50 billion to $100 billion over the next three years.

Besides, the two countries will jointly take up infrastructure, mining and housing projects using UAE capital and Indian expertise in other countries, commerce and industry minister Piyush Goyal said after a meeting of the high-level joint task force on investments here. He said the two sides will develop the framework.

The push for five products comes at a time when Indian exports are facing challenges in the US, the largest export destination, with products such as shrimps, leather and garments hit the hardest. "We have asked our exporters to refrain from trans-shipment of goods to the US, but if made-in-India goods go to other countries, we are happy. UAE is a large market and a lot of countries in Central Asia and Africa, because of better connectivity, use Dubai as a base," the minister said.

He also said that Indian pharma exports to the UAE are expected to get a boost, with the Gulf nation seeking to address several issues that were flagged by companies. A large business delegation is also here to seek alliances.

Bharat Mart, a joint initiative between govt and DP World, is expected to be operational in two years or so. The project in Jebel Ali to be spread over 22-25 lakh square feet, will be used to showcase Indian products and also as a warehouse that can be used by companies.

Working towards lowering costs of remittance

India and UAE authorities are finalising the bridge that will enable individuals to remit funds between the two countries and help lower costs. The project is expected to be finalised by year-end, expanding the current arrangement of making UPI payments here.

IIFT campus in Dubai

Indian Institute of Foreign Trade will soon open a campus in Dubai, joining the league of IIT and IIM.