Bilateral trade between India and the United Arab Emirates has recorded an increase over 300 per cent to $43,469.50 million from $12,945.87 million in the five years between 2005-06 and 2009-10.
UAE also emerged the topmost trading partner of India in the Gulf, accounting for about 60 per cent of India's export to GCC countries in 2009-10, UAE's minister of foreign trade Sheikha Lubna Bint Al Qasimi said today.
During a meeting with India's commerce minister Anand Sharma, the UAE minister said the two countries could increase this manifold through cooperation in technology transfer and R&D.
Sharma also agreed that there was a huge untapped potential for business and investment which can be further exploited to mutual advantage of the countries.
In this context, Sharma said the India-UAE Trade Policy Forum, set up by the two countries to facilitate bilateral trade, needs to be further strengthened.
During the interaction, both sides identified tourism sector as one the areas that have good potential for future growth, especially medical tourism. Another area with considerable scope for cooperation in tourism is construction and maintenance of hotels.