India has sent a delegation to the United Arab Emirates to seek stronger trade ties with authorities from the Jebel Ali Free Zone (Jafza) in Dubai. The delegation comprised top executives of leading Indian companies who have been in Jafza for the last more than twenty years.
Since 1985 Jafza and India share strong business ties, the year when Jebel Ali Free Zone became operational. With new investments this continues to grow stronger. The number of Indian companies with a presence in Jafza increased from 236 to 770 between 2002 and 2013. Along with China, US and Japan, India is currently ranked as one of the UAE’s top 10 trade corridors.
India-UAE bilateral trade is expected to attain USD 103.6 billion by 2025, according to a recent report released by HSBC. Non-oil trade between India and Jafza last year reached an estimated USD5bn. The volume of trade between Jafza and India continues to grow at a robust pace. India’s export to the UAE accounts for 6% of the subcontinent’s total exports to the world, while 60% of its total non-oil exports in the Middle East region goes through Dubai.