India-UAE partnership a model of prosperity, trust and shared vision, says Goyal

PiyushGoyal addressed the Dubai-India Business Forum organised by Dubai Chambers in Mumbai on Monday. The event was graced by His Highness Sheikh Hamdan bin Mohammad Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE.

Welcoming His Highness on his first official visit to India, Shri Goyal said the presence of Sheikh Hamdansymbolises the deep historical connect and generational continuity between Mumbai and Dubai. Recalling that this year marks the centenary of the visit of Sheikh Saeed, the grandfather of Sheikh Hamdan, to India, the Minister noted that both cities share a welcoming spirit rooted in centuries-old cultural and commercial ties.

Shri Goyal lauded Dubai’s contributions to social welfare, including the establishment of the first hospital for Indian workers in Dubai. “This is a heartwarming initiative, and we thank you on behalf of all Indians,” he added.

Highlighting the special relationship between India and the UAE, Shri Goyal said it is built on trust and personal rapport between the leadership of both nations. “There have been six high-level visits between India and the UAE in just two years—three by Prime Minister Narendra Modi and three by top leaders of the UAE. This reflects the intimacy and strategic importance of our partnership,” he stated.

Shri Goyal placed on record India’s appreciation for the UAE’s support in building the iconic Swaminarayan Hindu Temple in Abu Dhabi, calling it a symbol of mutual respect and shared values.

The Minister acknowledged the UAE's pivotal role in India’s outreach to Africa, investments in logistics and infrastructure, and efforts to build digital and commercial connectivity. He particularly appreciated the role of DP World in transforming India’s logistics ecosystem.

Referring to the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE as a defining moment, Shri Goyal said, “Our goal to take non-oil trade to $100 billion is within reach. The speed and scale at which our partnership is growing is truly inspiring.”

The Minister also spoke of new avenues of collaboration in education. “We have already launched an IIT campus in Dubai and are now planning campuses of Indian Institute of Management and Indian Institute of Foreign Trade. These initiatives reflect our commitment to deeper engagement in education and skill development,” he said.

Shri Goyal said Dubai serves as a vital gateway for India’s trade and cultural exchange with the Middle East and expressed gratitude for the UAE’s support to the Indian diaspora, especially during the COVID-19 pandemic. “Over 2 million Indians call the UAE home, and you have cared for them like your own family,” he noted.

Quoting Prime Minister Narendra Modi, Shri Goyal said, “India is not just a workforce, we are a world force.” He pointed out that India is the fastest-growing major economy and is poised to become the fourth-largest economy by the end of 2025 and third-largest by 2027. “From a $4 trillion economy today, we aim to reach $30-35 trillion by 2047,” he said, inviting Dubai to partner in India’s journey towards becoming a developed nation by its centenary of independence.

Shri Goyal encouraged businesses from both countries to tap the immense potential in sectors such as nuclear energy, critical minerals, renewable energy, green hydrogen, fintech, AI, food security, and advanced manufacturing. He said, “This is just the tip of the iceberg. We have many mountains yet to climb, and I’m confident that the leadership and business communities of both nations will continue to inspire even greater achievements.”