News: India-Dubai trade surges to over $ 10bn

(BL 27/02/2007) Dubai - The non-oil trade volume between India and Dubai has soared by over 336 per cent in the past five years, with the total trade volume touching $ 10.9 billion from $ 2.5 billion during 2002-06. Over 80 per cent of the trade between India and the UAE is routed through Dubai.

Trade is poised to get further boost in the coming years, Venu Rajamony, the new Indian consul-general, said here.

"Trade between UAE and India has diversified and rapid economic growth of the Indian economy has made it an attractive destination for investments from UAE. Indian companies have become more robust and confident with the rapid economic growth and are ent ering Dubai and northern Emirates in larger numbers," he said.

India has emerged as Dubai's largest export destination ahead of Pakistan, Iran and Kuwait. However, China leads the tally followed by India.

Exports from India to Dubai touched $ 6.4 billion while Dubai exported goods worth $ 4.5 billion to India last year.

India exported diamonds worth $ 1.3 billion to Dubai last year. The top five commodities exported to Dubai comprised of diamonds, jewellery, platinum, gold and scrap of precious metals.

Dubai on the other hand exported ferrous waste and scrap, aluminium waste and scrap, copper waste and scrap and paper waste and scrap to India last year.

The Dubai Department of Economic Development issued 8,318 licences during the first half of 2006 for businesses. The maximum number of foreign investors in that period came from India, with 1,152 investors.