UAE crown prince to hold talks with PM Modi: 5 numbers that sum up ties between two nations
As India and the UAE seek to elevate their bilateral ties, the visit of Mohammed Bin Zayed Al Nahyan, the crown prince of Abhu Dhabi as chief guest at the Republic Day parade is expected to boost the economic relationship between the two countries.india Updated: Jan 25, 2017 14:31 IST
Mohammed Bin Zayed Al Nahyan, the crown prince of Abu Dhabi and the deputy supreme commander of the United Arab Emirates armed forces will meet with Prime Minister Narendra Modi Wednesday noon. He will be the chief guest at the Republic Day parade. It will be the second time a leader from a Persian Gulf country will be attending the Republic Day parade after king of Saudi Arabia in 2006,
The momentum of cooperation between India and United Arab Emirates has accelerated over the last few years and the two countries are seeking to elevate the bilateral relationship to higher levels.
Here are five figures that can sum up the state of affairs in the India-UAE ties
1) $50 billion
That is the bilateral trade between India and the UAE. The growth of trade has been very impressive over the years. The trade figure was mere $128 million, 30 years ago. The Gulf nation is India’s third biggest trading partner after the USA and China. India and the UAE now want to double that figure.
2) 2.8 million passport holders
That is the number of Indian passport holders in that country. They are the biggest expatriate community in the UAE which proudly proclaims of being home to ‘200 nationalities”. The total remittance from the UAE is estimated to be $13.6 billion.
3) $10 billion
That is the total investment the UAE has made in India. Out of this, $4 billion is in the form of the foreign direct investment. In the last 11 months, the UAE has pumped in one billion dollars in FDI.
4) $75 billion
This is the money the UAE promised to pump into India’s infrastructure development from its sovereign wealth fund. A concrete pact in this regard with the National Investment and Infrastructure Fund is expected to be signed after the meeting between Modi and the crown prince
5) 38 pacts
There are 38 pacts or memorandum of understanding between the two countries across various fields. Another 13 agreements are expected to be signed during the crown prince’s visit. The first pact, a cultural cooperation agreement was signed in January 1975 and the last one was signed between the Reserve Bank of India and the UAE Central Bank on currency swap in February 2016.
First Published: Jan 25, 2017 09:56 IST