UAE and India share more than strong economic ties: Hamdan

Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence, on Wednesday met with Piyush Goyal, India’s Minister of Commerce and Industry, in Mumbai.

The meeting, held as part of His Highness’s official visit to India, reflects the two nations’ efforts to strengthen their strategic economic partnership.

The discussions focused on advancing cooperation across a wide spectrum of sectors that are pillars of the India-UAE economic relationship, including trade, energy, investment, manufacturing, logistics, technology and healthcare.

Sheikh Hamdan said, “India and the UAE share more than strong economic ties, we share a bold vision for the future. Our partnership is built on trust, innovation, and a common commitment to shaping resilient, forward-looking economies that advance prosperity and enhance the welfare of the people of the two countries. As we deepen our cooperation across a range of vital sectors, we are not only unlocking new opportunities for growth, innovation and excellence, but also creating a distinctive model of bilateral collaboration.”

The talks explored ways to build on the momentum generated by the Comprehensive Economic Partnership Agreement (CEPA) and the Bilateral Investment Treaty (BIT), two frameworks that have laid the foundation for a more open, secure, and investment-friendly economic relationship.

Both sides welcomed the steady growth in bilateral trade and reaffirmed their common commitment to fostering supply chain resilience.Opportunities to expand investment flows and enhance commercial cooperation between the two economies were also discussed. The two sides looked at ways to improve industrial collaboration and improve trade facilitation, including through enhanced logistics infrastructure and more closely linked digital trade platforms, to support mutual growth, economic engagement and investment. In addition, the two leaders discussed closer collaboration in digital infrastructure, payment systems, and smart logistics.

Sheikh Hamdan commended India’s ongoing economic rise and its remarkable achievements in digital innovation and inclusive growth. The two sides also discussed opportunities for cooperation in artificial intelligence, with a focus on harnessing emerging technologies to drive future-ready economies.

Sheikh Hamdan reaffirmed the UAE’s commitment to deepening bilateral economic ties to serve as a key driver of sustainable development and a contributor to broader global economic stability.Non-oil trade between the UAE and India grew by 20.5% in 2024, reaching more than Dhs240 billion, compared to Dhs199.3 billion in 2023. This significant growth reflects strengthening economic ties and promising trade and investment opportunities.

The UAE-India CEPA, signed in 2022, aims to aim to take non-oil trade to $100 billion by 2030.

The meeting was attended by Sheikh Ahmed Bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority, Chairman of Dubai Airports, and Chairman and Chief Executive of Emirates Airline and Group; Mohammad Bin Abdullah Al Gergawi, Minister of Cabinet Affairs; Reem bint Ebrahim Al Hashimy, Minister of State for International Cooperation; Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs; Omar Bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications; and Dr Abdulnasser Jamal Al Shaali, UAE Ambassador to India.

Sheikh Hamdan also visited the Bombay Stock Exchange (BSE) as part of his official visit to India.

Located in Mumbai, India’s financial and commercial capital, the BSE is one of the oldest stock exchanges in the world and the first in Asia, established in 1875.

Sheikh Hamdan was received at the exchange by Sundararaman Ramamurthy, Managing Director and CEO of the BSE.

Sheikh Hamdan rang the opening bell to mark the start of the day’s trading session.

During the visit, Sheikh Hamdan was briefed on the operations of the BSE, which today ranks among the world’s largest global stock exchanges in terms of the number of listed companies-exceeding 5,600-as well as market capitalisation.

He was also briefed on the exchange’s continued efforts to enhance its infrastructure and expand services to support the growth of India’s capital markets.

Sheikh Hamdan underscored the UAE’s keenness to deepen cooperation between its financial markets and international counterparts. He noted both countries’ efforts to enhance capital markets through digital innovation, including the use of technologies such as artificial intelligence and blockchain.