India seeking to deepen historical trade ties with UAE in new sectors like fintech: Foreign Secy Shringla
Dec 13, 2021
Dubai [UAE], December 13 : Terming India and the United Arab Emirates as historical trading partners across the Gulf, Foreign Secretary Harsh Vardhan Shringla on Monday said that New Delhi is looking to further this partnership in terms of cutting edge technology and financing, among other areas of cooperation.
Speaking at India Global Forum 2021 in Dubai, Shringla highlighted the significant relationship between India and the UAE and Dubai.
"India and UAE and Dubai are amongst most important partners. It is a multipolar, multi alliance world. There are significant and rapidly growing conferences of interest between India and UAE based on proximity, common interest and other," he said.
"India and UAE have traded for centuries. Historically we are national trading partners across the Gulf," the Foreign Secretary added.
Speaking about the energy sector, he said: "In the energy sector we found a new partnership that has done very well for itself and we are seeing that UAE investing in our strategic petroleum reserves, and an investment of many of the major oil companies of India into UAE and visa versa."
"At the same time, we are looking at a new paradigm, other areas of cooperation and that can only come through the area of high technology, fintech areas that are important," he added.
The Foreign Secretary further said that India itself is a country that is giving enormous priority to the innovation sector. He said that "the startups of yesterday have become the unicorns of today."
"In 2021 we have seen 42 startups that are now grown into unicorns. We have seen a resurgence of our growth. In the first quarter of the year, we have exceeded growth by 20 per cent and over the year, it will be close to the double-digit figure," Shringla said.
He also added that the emphasis of India is on promoting and supporting sectors to grow.
"Prime Minister Narendra Modi has attached a lot of importance to the development of our economic relations. In a recent discussion, PM Modi emphasised the three "Ts" Trade, Technology and Tourism," he said adding that the Prime Minister wanted India's embassies all over the world to promote and give priority to these sectors.
India Global Forum 2021 a two-day event that began today is hosted at Taj Dubai, and co-hosted by the Embassy of the UAE, New Delhi, and Consulate General of India, Dubai.
