Confederation of Indian Industry (CII) has said that the bilateral trade between India and the United Arab Emirates (UAE) is all set to touch $100 billion by the year 2020 with rising interest by the Indian companies towards the Middle East markets, especially the UAE. It also noted that the trade between two countries is estimated around 60 billion dollar currently.
To further boost trade and investment relations, CII together with Ministry of Commerce & Industry, Government of India has arranged to showcase Indian Industry Participation at Middle East Electricity Exhibition. About 50 leading Indian firms are participating at the exhibition which has opened on February 14 at the Dubai World Trade Centre displaying a wide variety of Electrical Products and Instruments ranging from Cables to Conductors, Capacitors, Transformers and Switchgear Products.
The industry body has stated that the various initiatives taken by the government and the announcements made in the recent Budget 2017 shall certainly enrich industries’ competitiveness in the country and in particular the micro-small and medium enterprises (MSMEs). CII also pointed out that the step towards reducing the corporate tax rate for small companies will have a positive impact on the viability of around 67 lakh businesses in India. It added that as the MSMEs become more viable and sustainable, the overall attractiveness of the small businesses will increase leading to the positive orientation and entrepreneurship in the country is bound to grow.