India, UAE aspire for new economic era: UAE minister

India and the UAE have built solid foundations as trade partners and the two countries aspire for a "new economic era", a UAE minister has said.

Delivering his keynote address at the UAE-India Economic Forum (UIEF) 2017 here, Assistant Undersecretary - Foreign Trade Affairs, Ministry of Economy, Juma Mohamed Al Kait said the Gulf nation was marching towards a post-oil period supported by innovation, knowledge and entrepreneurship.

Kait said India was also working on the establishment of a local common market, demonetisation and activating the economic roles of women, among others.

"India and the UAE are aspiring for a new economic era," he said at the event yesterday.

The forum looks forward to further partnerships between both the countries in sectors like industrial, travel and tourism, agriculture, renewable energy, transport, education, health, technology, water, space and small and medium sized enterprises (SMEs), he said.

The third edition of the annual UIEF, organised by UMS conferences, a global management group, to explore bilateral economic and commercial relations between the two countries to the next level, will conclude today.

The forum also conferred Qadat Al Tagheer Awards to prominent business leaders.

The UIEF brings together over 350 delegates from the UAE and India.

The UAE is the second largest export destination for India, with USD 30 billion for the year 2015 16. The total foreign direct investment inflows from the UAE to India stand at USD 4.03 billion ending March 2016.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)