According to Dubai Chambers, Indian enterprises and NRI-owned entities have created around 1 million employments in the UAE. Furthermore, according to the business organisation, Indians account for more than 30% of the start-up community in Dubai.
Dubai Chambers hosted a conference to commemorate India’s strong economic ties with the UAE, which was attended by India’s Minister of Commerce and Industry, Piyush Goyal. “Our growing bilateral trade will play an integral role in the UAE’s efforts to double the size of its economy by 2030. The destinies of the UAE and India have been inextricably intertwined for centuries,” he said, according to the ARN News Centre. He also emphasised the numerous opportunities for collaboration, such as the commerce between the rupee and the dirham, the virtual trade corridor, the food corridor, and the exploitation of the startup ecosystems in the UAE and India.
“A closer collaboration, trust and the spirit of entrepreneurship will create limitless opportunities for our economies, our industries, our cities, and our people, now and for generations to come,” he added. Other industries that had opportunities for both nations included textiles, renewable energy (wind, solar, and hydro), connection infrastructure (airports, ports, and highways), and waste management.
In 2022, more than 11,000 new Indian businesses joined the Dubai Chamber of Commerce, raising the total number of Indian businesses registered with the Chamber to more than 83,000. The UAE and India’s signing of the CEPA Agreement in 2022 will result in a 120% rise in commerce, from $45B to $100B, and $15B in services trade during the next five years.