A trilateral trade deal between India-Israel-UAE to boost their international business by up to $110 billion by 2030

Last updated on March 10th, 2022 at 04:29 am

On Sunday, the International Federation of Indo-Israel Chambers of Commerce (IFIICC) held an event to strengthen trade and economic ties between India, Israel, and UAE. The officials and diplomats who attended the event said that the coming together of the three nations would lead a significant rise in their international trade, expected to reach about $110 billion by 2030.

As per the statement issued by IFIICC, Ilan Sztulman Starosta, Israeli ambassador to UAE said, “The international business potential backed by Israeli innovation, UAE’s visionary leadership and strategic partnership of both nations with India could be USD 110 billion by 2030.”

Read More: India-UAE Bilateral Relation & Economic cooperation

The UAE ambassador to India and one of the founding members of IFIICC, Dr Ahmed Abdul Rahman AlBanna, reverberated similar beliefs as his Israeli counterpart. Dr. AlBanna said, “UAE and India’s bilateral trade is projected to grow from USD 60 billion in 2020 to USD 100 billion by 2030. UAE is a gateway to the world and this trilateral with India and Israel could benefit the world.”

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Dr Aman Puri, Consul General of India to Dubai, added to the virtues of the trilateral deal and said, “The Indian business community in the UAE could significantly leverage the strengths of this trilateral to boost the economic growth of all nations.”

Read More: India & UAE: Cultural ties reaching new horizons

Ran Tuttnauer, Honorary President of IFIICC in Israel and Chairman of Israeli Manufacturers Council at Manufacturers Association of Israel (MAI) also participated in the event, though virtually from from Tel Aviv. 

Adding to the benefits of this economic alliance, Merzi Sodawaterwala, Founder and Chairperson of IFIICC, said, “Innovation and collaboration can help usher in a new, post-pandemic era of sustainable economic growth.” Kamal Vachani, Honorary President of IFIICC for the UAE and Group Director & Partner of Al Maya Group, highlighted that the financial coalition between the trio would lead to “endless prospects” of growth, both in terms of innovation and money in all the three nations.